Singapore-based private healthcare company Foundation Healthcare Holdings has lodged a preliminary prospectus for a listing on the mainboard of the Singapore Exchange, in what could value the business at more than US$1 billion (€893 million).

According to a report by Business Times, the company, which operates 74 specialist clinics across 16 medical specialities in Singapore, is backed by Temasek's investment firm SeaTown Holdings. The offer will comprise an international placement to institutional and other investors alongside a public offer in Singapore, though the offer size, price, and listing date were not disclosed in the preliminary prospectus.

People familiar with the matter told Bloomberg that Foundation Healthcare is seeking to raise as much as S$500 million (€344 million) through the initial public offering. The cornerstone investor line-up includes Amova Asset Management Asia, Aregence Capital Management, Granite Asia IX VCC, Hood River Capital Management, the International Finance Corporation, Lion Global Investors, Manulife Investment Management Singapore, Orbit Master Holdings, RBC Global Asset Management Asia, and UBS acting through its Singapore branch.

Net proceeds from the issue will be directed toward funding investments in and acquisitions of clinical practices and medical centres in Singapore, supporting expansion into new geographies, and meeting general corporate and working capital requirements.

Founded in 2023, Foundation Healthcare also owns and operates four domestic medical centres, comprising two day surgery centres at Novena and Orchard, a radiology and imaging centre operating as Foundation Imaging, and a fertility centre known as Care IVF.

The group has identified Malaysia and Hong Kong as priority regional expansion targets, citing their private healthcare demand fundamentals, demographic trends, and regulatory structures as compatible with its existing Singapore model. The prospectus states the company intends to expand regionally on an opportunistic basis, particularly in markets sharing similar demand fundamentals and demographic trends to Singapore.

For private healthcare investors and operators, the Foundation Healthcare IPO reflects the continued appetite among institutional capital for exposure to scalable, multi-speciality private healthcare platforms in high-growth Asian markets, where ageing populations and rising healthcare expenditure are driving sustained demand for specialist clinical services.

Access the full coverage and Foundation Healthcare's regional expansion strategy at the source.