Temasek-backed Foundation Healthcare mulls US$300 million Singapore IPO: sources

[SINGAPORE] Foundation Healthcare, backed by Temasek Holdings, is considering an initial public offering (IPO) that could value the medical group at more than US$1 billion, according to people with knowledge of the matter.

Singapore-based Foundation Healthcare is reaching out to prospective financial advisers about working on an offering that might take place next year, the people said, asking not to be identified because the deliberations are private. The company could raise as much as US$300 million from the IPO, one of the people said.

Talks are ongoing and details such as size and timing could change, they said.

Foundation Healthcare was established in 2023 with a US$150 million investment by SeaTown Holdings, an affiliate of Temasek.

Representatives for Foundation Healthcare and SeaTown declined to comment.

Singapore has hosted seven IPOs this year, raising about US$1.5 billion, according to data compiled by Bloomberg. That’s the most in at least five years and up from just one new listing worth US$19.5 million in the same period last year. BLOOMBERG