SINGAPORE’S Foundation Healthcare Holdings is looking to conduct a funding round that could raise more than US$100 million and value the private healthcare group at more than S$1 billion, said two sources with knowledge of the matter.
Foundation Healthcare is in talks with at least one adviser about the funding round after receiving interests from potential investors, the sources said.
The funding round could be a precursor to a potential initial public offering of Foundation Healthcare on the Singapore Stock Exchange in a few years, the sources added.
They declined to be named as the matter is private.
Foundation Healthcare said in an emailed response to Reuters that it does not comment on specific transactions.
The plan comes as healthcare assets across South-east Asia gain favour with investors betting on the region’s growing affluence and ageing population while eyeing the sector’s potential to weather challenging economic conditions.
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IHH Healthcare, an operator of private hospitals in Asia, in September announced the acquisition of Malaysian private hospital chain Island Hospital in a deal valuing the latter at RM3.92 billion ringgit (S$1.2 billion).
Founded in 2023, Foundation Healthcare has grown to having 91 specialists, two medical centres and 67 clinics in Singapore, according to its website.
It is backed by SeaTown Holdings, an indirect unit of Singapore’s state investor Temasek Holdings. Other investors include venture capital firm East Ventures and Indonesian conglomerate Emtek, according to a press statement in December 2023.
The company, whose clinical programmes such as general surgery and those focused on women and children are among the largest in Singapore’s private healthcare sector, had raised more than S$400 million in debt and equity to fund its acquisitions, the statement said at the time. REUTERS
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