The company raised approximately 242 million Singapore dollars—roughly 187.2 million U.S. dollars—through the offering of 162.6 million shares. While interest appeared healthy during the subscription phase, with the IPO oversubscribed by 3.8 times, secondary market momentum failed to materialize. Trading opened with a brief 1.3% gain before the stock settled at 75.5 cents.
In section Market Quotes
Foundation Healthcare Slips in Flat Singapore Market Debut
Shares of Foundation Healthcare faltered shortly after their Singapore exchange debut on Wednesday, dipping 0.65% below the initial public offering price of 76 Singapore cents. The lukewarm opening comes despite the private healthcare operator securing backing from SeaTown, an investment firm under the state-owned Temasek portfolio.
This performance arrives as Singapore intensifies efforts to revitalize its equity market. The Monetary Authority of Singapore recently launched a 6.5 billion dollar development program aimed at boosting liquidity, alongside a strategic partnership with Nasdaq to streamline dual-listings. These regulatory pushes are beginning to populate the pipeline, with workspace operator JustCo debuting in May and firms like EGP Energy Corp. currently preparing preliminary filings.
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