Clifford Chance has advised the joint bookrunners and underwriters on Foundation Healthcare Holdings Limited’s S$242 million initial public offering and listing on the Mainboard of the Singapore Exchange.
The offering included an international placement and a Singapore public offer, with Jefferies, OCBC, UBS, DBS and UOB forming the banking syndicate.
Foundation Healthcare was described at the time of the transaction as Singapore’s largest multi-specialty healthcare platform by number of specialists and specialist clinics as at 31 March 2026.
The offering attracted cornerstone commitments from 10 investors and is intended to support growth across its specialist medical services, medical centres and healthcare technology businesses.
Capital markets practitioners advising on comparable transactions may need to coordinate domestic corporate requirements with international securities rules.
Clifford Chance advised the banks on Singapore law, US federal securities law and New York law, reflecting the cross-border legal work involved in marketing and completing the offering.
Partner Jean Thio led the Clifford Chance team advising the joint bookrunners and underwriters. She was supported by counsel Claire Neo and associates Adam Fong and Jun Kai Choo.
A separate Clifford Chance team led by partner Valerie Kong advised SeaTown Private Capital Master Fund and Foundation Healthcare on corporate matters connected with the IPO.
Kong had previously advised SeaTown on its investment in Foundation Healthcare in 2023 and was supported on the listing by counsel Ivan Chan, senior associate Victor Leung and associates Jia De Yam and Yuqian Zhang. The mandates placed Clifford Chance on both the underwriting and corporate advisory sides of a significant Singapore healthcare flotation.
Foundation Healthcare’s flotation shows how SeaTown Private Capital Master Fund’s earlier investment remained relevant when the company moved into public ownership.
Healthcare listings require careful checking of statements about medical operations, specialist capacity, technology businesses and expansion plans. Those statements must remain consistent across the prospectus, investor materials and transaction documents.
Jefferies, OCBC, UBS, DBS and UOB were involved alongside two Clifford Chance teams. Clifford Chance advised on Singapore law, US federal securities law and New York law, while a separate team advised SeaTown and Foundation Healthcare on corporate matters connected with the IPO.
Foundation Healthcare will now be subject to the governance, disclosure and reporting requirements that apply to companies listed on the Mainboard of the Singapore Exchange.