UBS, one of the managers for Foundation Healthcare Holdings' IPO, has bought 10,905,700 shares at between 70 and 76 cents each as part of its stabilisation arrangement.
As indicated earlier, up to 24,276,300 shares have been allocated for this purpose. This means some 45% of the stabilisation shares have been bought.
Foundation Healthcare's IPO, which raised $242 million, was priced at 76 cents, at the lower end of the book building range of up to 92 cents. The IPO was 3.8 times subscribed.
While the share price held up pretty well earlier in the trading debut day, reaching as high as 77 cents at one point, it began to drop steadily to end the day at 70 cents.
In a statement sent just after trading commenced, Dickson Loo, SeaTown, the main investor, calls the listing "only the beginning of the Foundation Healthcare story."
"We believe the company is well positioned to continue investing in its network, technology and growth opportunities, while advancing better healthcare outcomes for patients in Singapore and across the region," says Loo, managing director, private equity at the Temasek-owned asset manager.
See also: Foundation Healthcare's IPO 3.8 times subscribed
Besides letting pre-IPO money cash out part of their investments, the listing has raised more than $100 million for Foundation Healthcare to fund further growth.
"We remain committed to expanding our network of specialists and medical centres, enhancing care coordination and accessibility for patients, and extending our integrated model into new geographies, including Hong Kong and Malaysia," says Liaw Yit Ming, executive director and CEO of the company.
This IPO is the largest non-REIT listing this year and is also the largest listing of a healthcare company since 2012, when IHH Healthcare made its debut.
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Pol de Win, SGX's head of global sales and origination, says the listing of this company demonstrates that SGX is the "trusted venue of choice for innovative, next-generation business models embarking on their next chapter of growth."
"We are proud to support companies that are reshaping their industries, enhancing customer experiences, and scaling their impact across the region," he adds.
