This study investigates the buckling of a uniaxially compressed neo-Hookean thin film bonded to a neo-Hookean substrate. Previous studies have shown that the elastic bifurcation is supercritical if r ≡ μ f /μ s > 1.74 and subcritical if r < 1.74, where μ f and μ s are the shear moduli of the film and substrate, respectively. Moreover, existing numerical simulations of the fully nonlinear post-buckling behaviour have all been focused on the regime r > 1.74. In this paper, we consider instead a subset of the regime r < 1.74, namely when r is close to unity. Four near-critical regimes are considered. In particular, it is shown that, when r > 1 and the stretch is greater than the critical stretch (the subcritical regime), there exists a localized solution that arises as the limit of modulated periodic solutions with increasingly longer and longer decaying tails. The evolution of each modulated periodic solution is followed as r is decreased, and it is found that there exists a critical value of r at which the deformation gradient develops a discontinuity and the solution becomes a static shock. The semi-analytical results presented could help future numerical simulations of the fully nonlinear post-buckling behaviour.