Shares of Temasek-backed Foundation Healthcare made a muted debut in Singapore on Wednesday as listings in the city-state begin to pick up.
The stock rose as much as 1.3% to 77 Singapore cents from its initial public offering price of S$0.76. It has since fallen to S$0.755, 0.65% below its IPO price.
The IPO of the private healthcare operator, backed by state investment firm Temasek's SeaTown, raised roughly 242 million Singapore dollars, equivalent to US$187.2 million, excluding an overallotment option. The total comprised 162.6 million shares offered at S$0.76 each, as well as cornerstone commitments worth S$118 million.
The offering was about 3.8 times subscribed overall, the company said.
More companies appear to be coming to market in Singapore as it rolls out measures to attract more investor interest and listings.
The central bank is leading an equity market development program, placing S$6.5 billion with fund managers to boost liquidity in Singapore-listed shares.
Singapore is also seeking to attract companies through a tie-up with Nasdaq in the U.S. to simplify the process for companies dual-listings.
Those efforts appear to be bearing fruit. Workspace operator JustCo made its trading debut in May after a US$78 million IPO. Logistics solutions company All-Link Air & Sea and electrical infrastructure solutions provider EGP Energy Corp. both filed preliminary prospectuses with the Monetary Authority of Singapore in June for potential listings.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
July 08, 2026 00:27 ET (04:27 GMT)
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