HBI Deals+Insights / M&A/IPOs
The shares of Singaporean outpatient group Foundation Healthcare Holdings (FHH) are trading at S$0.73 ($0.57 USD) at the time of writing, one week after the company began trading on the Singapore Exchange. This is just below the IPO price of S$0.76 ($0.59 USD), and gives the group a market cap of about S$971 million (~$750 million USD), roughly 4x the company’s pro forma 2025 revenue of S$265.9 million (~$206 million USD) and 19x adjusted core profit of S$51.4 million (~$39.8 million USD), reflecting strong investor confidence in the company’s roll-up-driven growth strategy.





