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Case HBS Case Collection January 2017 (Revised March 2017) SIN Capital and the Fullerton Health IPO |
In early 2016, David Sin, founder of the Singapore-based private equity group SIN Capital and chairman of its primary holding, Fullerton Health, was deeply involved in preparations for taking Fullerton public on the Singapore stock exchange. Three years after SIN Capital had invested in Fullerton—a provider of enterprise health management—and two years ahead of the original plan, it had attained a valuation of over S$1 billion. Listing the company would provide a number of important benefits as the management team and the investors expanded the operation throughout South Asia. This case describes the benefits and drawbacks of Fullerton’s planned IPO, along with the strategy that had propelled its impressive growth. It also presents David Sin’s vision for SIN Capital as a different type of private equity firm.
Keywords: healthcare; Asia; private equity; IPO; financing; strategy; Singapore; Growth; value creation; Health Care and Treatment; Private Equity; Initial Public Offering; Financing and Loans; Strategy; Value Creation; Growth and Development Strategy; Health Industry; Singapore;
Lerner, Josh, and Ann Leamon. "SIN Capital and the Fullerton Health IPO." Harvard Business School Case 817-030, January 2017. (Revised March 2017.)
