SINGAPORE - Shares of private healthcare group Foundation Healthcare Holdings (FHH), the first healthcare business to list on the Singapore Exchange (SGX) in four years, fell on their first day of trading on July 8.

The counter opened on the Mainboard 1 cent above its initial public offering (IPO) price of 76 cents a share, but failed to sustain the upward momentum. It dropped below its IPO price at 10.37am and continued to fall, closing its first day of trading at 70 cents, down 7.9 per cent.

The Temasek-backed healthcare group’s Singapore public offer of 87 million shares were around 9.4 times subscribed with over 3,800 valid applications. Overall, the offering of 162.6 million shares was around 3.8 times subscribed.

In total, the IPO raised gross proceeds of $242 million, including commitments from 10 cornerstone investors. They include Amova Asset Management Asia, Lion Global Investors, Manulife Investment Management, and UBS AG, which acted through its Singapore branch.

Some of the other cornerstone investors were also investing in SGX for the first time, chief executive Liaw Yit Ming told the media on July 1. These include Aregence Capital Management, Granite Asia, and US-based Hood River Capital Management.

FHH’s weak debut extends a pattern of lacklustre performances among many of the companies that have listed on the SGX in 2026.

GIC-backed co-working space operator JustCo fell below its IPO price upon commencing trade, with its shares trading about 41.5 per cent below its 94 cents offer price since its listing in May.

UI Boustead REIT, the largest SGX listing so far this year after raising S$973.6 million in March, also had a subdued debut, ending its first day of trading 8.5 per cent below its IPO price of 88 cents.

FHH has fallen below its IPO price de...