SeaTown Holdings International (“SeaTown”), a leading Asia-focused alternative investment firm, is pleased to congratulate Foundation Healthcare Holdings (“Foundation Healthcare” or the “Company”) on its successful initial public offering (“IPO”) on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST”).
The listing marks an important milestone for Foundation Healthcare and represents a notable transaction for Singapore’s capital markets. With gross proceeds of approximately S$242 million raised from the offering and additional commitments from 10 cornerstone investors, Foundation Healthcare’s IPO is understood to be the largest healthcare services listing on the SGX-ST since 2012 and the biggest completed by a fully Singapore-based business in more than two decades.
Foundation Healthcare is one of Singapore’s largest and fastest-growing multi-speciality private healthcare groups, connecting medical specialists, healthcare providers, payors, patients and facilities across the healthcare ecosystem on a single integrated platform. The successful IPO was 9.4x oversubscribed in the retail tranche alone and 3.8x in the overall offering, underscoring strong investor confidence in the Company’s differentiated technology-enabled platform, rapid growth trajectory and long-term potential. Following the listing, Foundation Healthcare is well-positioned for its next phase of growth in Singapore and across the region.
SeaTown Private Capital Master Fund invested S$150 million in Foundation Healthcare in 2023 to support the establishment and growth of a purpose-built private healthcare platform. Since then, Foundation Healthcare has continued to expand through a combination of targeted specialist recruitment, acquisitions of specialist practices, and investments in complementary healthcare infrastructure. The Company has acquired 38 specialist practices and grown its network from 67 medical specialists as at 31 December 2023 to 108 as at 31 March 2026, with a combined pro forma revenue of S$265.9 million in FY2025.
Dickson Loo, Managing Director, Private Equity at SeaTown, said: “It has been a privilege to partner with the team at Foundation Healthcare. From the outset, we saw a compelling opportunity to support an exceptional founding team with a clear vision of building a more connected, efficient and patient-centric private healthcare platform.
The past three years have been both intense and immensely rewarding. Congratulations to the entire Foundation Healthcare team on reaching this important milestone.
This is only the beginning of the Foundation Healthcare story. We believe the company is well positioned to continue investing in its network, technology and growth opportunities, while advancing better healthcare outcomes for patients in Singapore and across the region.”
Foundation Healthcare’s listing is consistent with the SeaTown private equity team’s philosophy of partnering with strong management teams to build scalable, high-quality platforms in sectors supported by resilient long-term growth. SeaTown’s investment approach combines bespoke capital solutions, strategic guidance and access to a broad network of partners, talent and businesses to help portfolio companies expand with discipline and create sustainable value.
Read more in our Press Release.
