Foundation Healthcare Holdings, a medical group backed by Temasek's Seatown, has filed its draft prospectus for a listing on the Singapore Exchange.
The company, that was incorporated just four years ago, describes itself as an “integrated private healthcare platform that connects medical specialists, healthcare providers, payors, patients and facilities across the healthcare ecosystem in Singapore.”
The company's executive director and CEO Liaw Yit Ming was previously with Khazanah Nasional Berhad and IHH Healthcare.
Foundation Healthcare is now 88.6% indirectly held by Temasek, with other investors such as Kuik Pte Ltd holding 1.3% and KCM Investments 1%.
The cornerstone investors of this listing are: Amova Asset Management Asia, Aregence Capital Management, Granite Asia Capital, Hood River Capital Management, Lion Global Investors, Manulife Investment Management (Singapore), Orbit Master Holdings, RBC Global Asset Management (Asia), UBS and World Bank-linked International Finance Corporation.
As of March 31, there are 108 specialists operating 74 clinics across 16 specialities ranging from anaesthesiology to urology.
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The company runs four medical centres in Singapore including one focused on imaging.
In FY2023 ended Dec 31 2023, the company incurred a loss attributable to equity owners of the company of $7.66 million. By the same measurement, it turned profitable the following year with earnings of $10.12 million and in the most recent FY2025, earnings further improved to $14 million.
By another measurement, profit and total comprehensive income was $41.2 million in FY2025, up from $33.2 million in FY2024 and $7.3 million in FY2023.
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Revenue in the same three years increased from $112.4 million to $198.9 million and $231.2 million in FY2025.
Foundation Healthcare attributes its growth to both organic and inorganic growth, mainly by acquiring medical practices.
Funding raised from the IPO will go towards acquisitions of clinical practices and medical centres in Singapore and to support its regional expansion.
For now, there is no dividend policy and Foundation Healthcare does not plan to pay dividends for the current FY2026 and the coming FY2027 so that it can reinvest any profit it generates for these two years into the business.
The joint bookrunners and underwriters of this issue are Jefferies Singapore, Oversea-Chinese Banking Corporation, UBS, DBS Bank and United Overseas Bank.
