Foundation Healthcare Lists on SGX in S$1 Billion IPO

Built on three core verticals – Specialists, Medical Centres and Technology, $FoundationHealth(FHH.SI)$ is an integrated private healthcare platform that connects medical specialists, healthcare providers, payors, patients and facilities across the healthcare ecosystem in Singapore. 

FHH MU Pic 1

• FHH is the largest multi-specialty healthcare platform based on number of specialists  and specialist clinics among key private specialist groups in Singapore, according to Frost & Sullivan. It provides specialist medical services through its 108 Medical Specialists across 16 medical specialties and 74 specialist clinics as at 31 March 2026.

• FHH owns and operates four medical centres in Singapore, comprising two day surgery centres, a radiology and imaging centre, and a fertility centre, which enables selected medical procedures to be performed safely and efficiently outside hospital settings. 

• AVA, its proprietary technology platform, is designed to efficiently connect patients, payors, healthcare providers, medical facilities and referral partners across Singapore’s healthcare ecosystem by enabling coordination and information sharing among various stakeholders within the healthcare ecosystem.

Competitive Strengths based on the IPO Offer Document 

• Largest and fastest-growing multi-specialty healthcare platform in Singapore, with the largest number of medical specialists among key private specialist groups across 11 of the 16 specialties it operates in. Its broad specialist network reduces concentration risk, with no individual Medical Specialist contributing more than 5% of FY2025 pro forma revenue.

• Growing medical centres vertical complements its extensive specialist network, enabling outpatient procedures and diagnostic tests to be performed outside hospital settings while capturing facility and diagnostic fees that would otherwise be retained by third-party medical facilities.

• Proven track record of strong organic and inorganic growth, driven by targeted recruitment of Medical Specialists, development of medical centres, and acquisitions of established specialist practices. The number of Medical Specialists grew from 67 across 13 specialties in 2023 to 108 across 16 specialties as at March 2026.

• Scalable platform benefits from synergistic network effects with ecosystem stakeholders, delivering operational efficiencies, cost advantages and economies of scale through centralised support in payor engagement, accreditations, clinic management and technology integration.

• Proprietary technology platform, AVA, enhances operational efficiencies across the healthcare ecosystem, improving care coordination, pricing transparency and referral workflows for patients, while streamlining network management, referrals, pre-authorisation and claims processes for payors. Its partnership with Great Eastern validates AVA as a scalable digital infrastructure layer.

• Experienced management team with deep industry expertise and relationships, including executive officers with more than 13 years of experience working together to develop healthcare platforms across the region.
   

Growth Strategies 

• Pursue continued organic growth of the platform through targeted recruitment and hiring of new medical specialists, particularly in sub-specialties with increasing patient demand and those that complement its medical centres vertical.

• Pursue continued inorganic growth through a targeted acquisition strategy, focusing on acquiring strong and reputable specialist practices that can be integrated into its specialist network.

• Disciplined investments in synergistic medical centres to capitalise on latent ecosystem demand, including expanding healthcare services into adjacent areas such as rehabilitation and wellness.

• Strengthen and enhance payor partnerships with insurers, third-party administrators and corporates, with the goal of becoming a long-term strategic partner in shaping the healthcare ecosystem.

• Expand regional presence through its highly scalable business model, with Malaysia and Hong Kong as initial focus markets and broader opportunistic expansion across the Asia-Pacific region.

• Expand monetisation opportunities for AVA through deeper integration across payor workflows, enabling deployment as an embedded workflow management platform and creating subscription, usage-based and outcome-linked revenue opportunities.

Key Risks (Refer to page 47 of the IPO Offer Prospectus for the full list)

• Any failure to obtain, maintain or renew the necessary licences, or to comply with licence conditions, could result in enforcement actions, financial penalties, operational restrictions or closure of affected facilities. 

• Dependent on the demand for specialist medical services from patients and payors, such as insurers. A reduction in demand from patients and payors, or a deterioration in their financial condition, could materially and adversely affect FHH’s business, financial condition, results of operations and prospects.

• Any complaint against FHH’s Medical Specialists or external practitioners who utilise its facilities may also result in investigations and/or disciplinary actions by the relevant governing professional body which could in turn result in fines, suspension and/or the revocation of licences. 

• May not be able to successfully integrate FHH’s acquisitions or realise anticipated synergies or economic, operational and other benefits from our acquisitions or investments in a timely manner, and may be exposed to liabilities relating to the businesses acquired.

Financials & Valuation 

• Revenue grew by 77.0% from S$112.4 million in FY2023 to S$198.9 million in FY2024, and further increased by 16.2% to S$231.2 million in FY2025. Pro forma revenue increased by 32.0% from S$201.4 million to S$265.9 million from FY2024 to FY2025.

• Adjusted EBITDA increased by 62.2% from S$45.2 million in FY2023 to S$73.3 million in FY2024 and increased by 19.9% from S$73.3 million in the FY2024 to S$87.9 million in FY2025. Adjusted EBITDA margins for the past 3 years have been 40.2%, 36.9%, and 38.0% respectively for 2023, 2024 and 2025. On a pro forma basis, adjusted EBITDA grew 33.0% from S$74.5 million in FY2024 to S$99.1 million in FY2025. Adjusted EBITDA margins were 37.0% and 37.3% respectively for 2024 and 2025.

• Based on the IPO price of S$0.76 per share and FY2025 Pro Forma Adjusted EPS of 3.64 cents, this represents a price to earnings ratio of 20.9x. According to the prospectus, the Adjusted EPS is computed based on the total post-offering shares of 1.3 billion, after taking into account the Preference Share Conversion, the issue of the New Shares, the New Cornerstone Shares, the Swap Shares, the Founder Warrant Shares and the First Tranche Pre-IPO Award Shares and additionally, the 4,382,732 Pre-IPO Award Shares that will vest one year after the IPO Settlement Date.

FHH MU Pic 2

Additional Information from IPO Offer Document

IPO Details

• Offer price at S$0.76 per share.

• 162.6 million shares offered (subject to the Over-allotment Option) comprising:

  • 153.4 million shares under the placement tranche

  • 9.2 million shares under the public offer 

• The following Cornerstone Investors subscribed to 155.6 million shares at the Offer Price:

  • Amova Asset Management Asia Limited

  • Aregence Capital Management Pte. Ltd

  • Granite Asia IX VCC, acting solely for the account of and on behalf of its sub-fund, GX ACCESS

  • Hood River Capital Management LLC

  • International Finance Corporation

  • Lion Global Investors Limited

  • Manulife Investment Management (Singapore) Pte. Ltd.

  • Orbit Master Holdings Pte. Ltd.

  • RBC Global Asset Management (Asia) Limited

  • UBS AG acting through its Singapore Branch (on behalf of certain of its wealth management customers)

• Estimated IPO market capitalisation, based on post-offering shares of 1.3 billion is S$1.0 billion.

• Estimated net proceeds due to Foundation Healthcare from the Offering and the issuance of Cornerstone Shares will be approximately S$91.3 million. 

• Use of proceeds primarily for:

  • Investments in, and acquisitions of, clinical practices and medical centres in Singapore

  • Investments to support expansion plans in new geographies

  • General corporate and working capital purposes