Foundation Healthcare Debuts on the SGX Mainboard

Congratulations to our portfolio company Foundation Healthcare Holdings, which has listed on the Mainboard of the Singapore Exchange (SGX) under the ticker FHH, with trading beginning on 8 July 2026.

Who is Foundation Healthcare

Foundation Healthcare is an integrated private healthcare platform that connects medical specialists, healthcare providers, payors, patients, and facilities across Singapore's healthcare ecosystem. Founded in 2022, the company is Singapore's largest private multi-specialty healthcare group, having grown by bringing independent specialist practices onto a single platform, underpinned by its proprietary technology platform, AVA.

The company is led by CEO Liaw Yit Ming, who previously headed strategic planning and M&A at IHH Healthcare and held an investments role at Malaysia's sovereign wealth fund Khazanah Nasional Berhad,alongside Chief Operating Officer Dr Lee Hong Huei, who previously led Southeast Asia operations for Parkway Pantai and served as CEO of several Parkway/Mount Elizabeth and Gleneagles hospitals in Singapore.

Who they serve

Foundation Healthcare's network spans 16 medical specialties, ranging from anaesthesiology to urology,delivered through specialist clinics and dedicated medical centres (including Foundation Imaging, its firstimaging centre). The platform is built to serve Singapore's growing demand for private specialist and outpatient care, particularly as the population ages and patients increasingly seek coordinated, value-based care outside of large hospital settings.

By the numbers

• Network scale: As of 2026, the platform comprises 100+ specialists across 70+ clinics and several dedicated medical centres, spanning 16 specialties.

• Market milestone: The listing is understood to be the largest SGX healthcare IPO since 2012, a strong statement of confidence in Singapore's private specialist care sector.

• Experienced leadership: The company is led by CEO Liaw Yit Ming (formerly of IHH Healthcare and Khazanah Nasional Berhad) alongside COO Dr Lee Hong Huei (formerly of Parkway Pantai and several Parkway-affiliated hospitals), pairing deep sector experience across the leadership team.

• Connected care model: The platform's proprietary technology, AVA, is designed to link specialists, clinics, payors, and patients within a single ecosystem, positioning it to serve Singapore's rising demand for coordinated private specialist and outpatient care.

Proceeds from the offering are earmarked for further acquisitions of specialist practices and medical centres in Singapore, along with expansion into Malaysia and Hong Kong and general working capital.

Kejora looks forward to continuing to support Foundation Healthcare as it enters this next chapter as a listed company, and to seeing the platform's impact on private specialist care grow across the region.

This article is based on public reporting and Foundation Healthcare's IPO prospectus disclosures. It does not constitute investment advice or an offer to purchase or subscribe for securities. Readers should refer to the official prospectus and company filings for the authoritative figures.

Sources:

• The Edge Singapore: “Foundation Healthcare's IPO 3.8 times subscribed”

• The Edge Singapore: “Foundation Healthcare set to list with draft prospectus lodged”

• Foundation Healthcare Holdings — Our Leadership

• Foundation Healthcare Holdings — Our Story

• Reuters, via Dealing.com: “Singapore's Foundation Healthcare IPO In Focus”