Foundation Healthcare Holdings has successfully listed on the Mainboard of the Singapore Exchange Securities Trading Limited, raising approximately S$242m in gross proceeds. This milestone marks the largest healthcare services listing on the SGX-ST since 2012 and the most significant by a fully Singapore-based business in over two decades.
The initial public offering (IPO) saw overwhelming demand, with the retail tranche oversubscribed by 9.4 times and the overall offering by 3.8 times. This strong investor confidence highlights the company’s innovative technology-enabled platform and its rapid growth trajectory. Foundation Healthcare, a leading multi-speciality private healthcare group in Singapore, connects various stakeholders in the healthcare ecosystem through a single integrated platform.
SeaTown Holdings International, an Asia-focused alternative investment firm, has been a key partner in Foundation Healthcare’s journey. In 2023, SeaTown invested S$150m to support the company’s growth. Since then, Foundation Healthcare has expanded its network from 67 to 108 medical specialists and acquired 38 specialist practices, achieving a combined pro forma revenue of S$265.9m in FY2025.
Dickson Loo, Managing Director of Private Equity at SeaTown, expressed his enthusiasm for the partnership, stating, “It has been a privilege to partner with the team at Foundation Healthcare. We believe the company is well positioned to continue investing in its network, technology and growth opportunities.”
Foundation Healthcare’s successful listing aligns with SeaTown’s strategy of partnering with strong management teams to build scalable platforms in sectors with long-term growth potential. The company is now poised for further expansion in Singapore and the region.
