The eventual figure, says CEO and executive director Liaw Yit Ming, was based on investor demand and pricing. The decision also came after JustCo’s dismal debut on May 22.
Shares of Foundation Healthcare Holdings debuted on the Mainboard of the Singapore Exchange (SGX) at 76.5 cents on July 8, 0.5 cents or 0.66% above its IPO price of 76 cents. By the end of the day, the SeaTown-backed integrated healthcare platform closed at 70 cents, down 6 cents, or 8.5%, from its opening price. Some 34.5 million shares changed hands. UBS, one of the IPO managers, bought around 10.9 million shares between 70 cents and 76 cents as part of its stabilisation arrangement.
Foundation Healthcare, whose IPO was around 3.8 times subscribed, priced its offering at the bottom of the 76-cent to 92-cent range, per a term sheet seen by Reuters. The company, on July 1, said it was seeking to raise $242 million, including gross proceeds from the offering and sale of shares to cornerstone investors. This makes it the largest healthcare services IPO since IHH Healthcare in 2012 and the largest non-REIT IPO in 2026.
