Foundation Healthcare, a Singapore-based medical group backed by Temasek Holdings Pte Ltd, is reportedly weighing plans for an initial public offering (IPO) that could value the company at over US$1 billion (RM4.22 billion), according to people familiar with the discussions.
Sources said the healthcare group has begun engaging potential financial advisers to explore the feasibility of a listing, which could take place as early as next year. The IPO could raise as much as US$300 million, though the final valuation, offering size, and timeline remain under review and subject to market conditions. The deliberations are still at an early stage, and details of the proposed offering could change, the sources added, requesting anonymity as the matter is private.
Foundation Healthcare, established in 2023, focuses on expanding and operating integrated healthcare services across Asia, including specialty clinics, diagnostic centers, and advanced medical facilities. The company was launched with an initial US$150 million investment from SeaTown Holdings Pte Ltd, an investment firm affiliated with Temasek Holdings. The funding was aimed at accelerating its regional growth through acquisitions and partnerships in key healthcare markets. Both Foundation Healthcare and SeaTown Holdings have declined to comment on the IPO plans.
If the listing proceeds, it would mark one of Singapore’s largest healthcare-related IPOs in recent years and reinforce the city-state’s position as a growing hub for healthcare and life sciences investments in Southeast Asia.
Singapore’s equity market has seen renewed momentum in 2025. According to Bloomberg data, the country has hosted seven IPOs so far this year, raising around US$1.5 billion, the highest total in at least five years. This represents a sharp rebound from 2024, when only one company went public, raising just US$19.5 million.
Analysts said the potential IPO of Foundation Healthcare reflects investor confidence in the region’s healthcare sector, which continues to benefit from rising demand for quality medical services, aging populations, and technological innovation in healthcare delivery.
If successful, the listing could also pave the way for other healthcare startups and private groups in Singapore to explore similar routes to access public capital markets.
