Foundation Healthcare Launches Singapore IPO to Raise Around SG$242 million

MT Newswires07-02

Private healthcare group Foundation Healthcare Holdings is planning to raise around SG$242 million for its initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX), according to a prospectus filed with the Monetary Authority of Singapore on Wednesday.

As per the document, the healthcare group will offer 162.6 million shares at SG$0.76 each, amounting to around SG$124 million from the offering.

In connection with the IPO, 10 cornerstone investors have committed about S$118 million, for an aggregate of 155.6 million cornerstone shares at the rate of SG$0.76 per share.

The company plans to use the net proceeds from the IPO for investments in and acquisitions of clinical practices and medical centers in Singapore, regional expansion in Malaysia and Hong Kong, and general corporate and working capital purposes.

The public offer will close on July 6, and trading ⁠in the shares is expected to start on July 8.

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