The company’s flagship Indocyanine Green (“ICG”) product (marketed as IC-GREEN® in the US, Indocyanine Green for Injection, USP in the US and Canada and Verdye outside North America) is the most widely-used fluorescence agent in FGS, according to Frost & Sullivan.
In 2024, UltraGreen.ai held approximately 68% of the global ICG market by number of vials sold and 63% by revenue, with an 83% share of the number of vials sold in the U.S. and a dominant 94% share of the number of vials sold in Europe, according to Frost & Sullivan. As at 30 June 2025, the company has sold approximately 5.3 million vials of ICG since 2015.
Ultragreen.ai’s revenue for FY2024 was US$114.7 million, which is a 59.3% y-o-y increase from the US$72.0 million revenue for FY2023. The higher topline was primarily due to an increase in the sale and average price of ICG and related pharmaceutical products due to increased demand. The increase in sale of cardiology PACS software and associated products and services also helped to boost the company’s revenue.
Net profit for FY2024 stood at US$56.0 million, a jump of almost 70% y-o-y from the US$33.0 million profit for FY2023. The higher net profit was due to the higher gross profit and margin improvements as well. By applying a conservative 15 times historical P/E ratio on its FY2024 earnings, Ultragreen.ai market capitalisation post listing will be at US$840 million ($1.1 billion), this could be a billion dollar unicorn.
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As indicated in the draft prospectus, the company’s cornerstone investors include abrdn Asia, AIA Investment Management, Amova Asset Management, Anchor VI, AR Capital, Ascend Open Master Fund, Eastspring Investments, Khattar Holdings, Lion Global Investors, Principal Asset Management, Sage Partners Master Fund and Value Partners Hong Kong.
There are also various entities such as DBS Bank and HSBC Global Asset Management that are on behalf of certain wealth management customers, funds and accounts. One prominent individual cornerstone investor is Kwa Chong Seng, the company’s chairman, and previously chairman of leading local establishment names such as SGX and ST Engineering.
Ultragreen.ai intends to use the net proceeds from the initial public offering (IPO) for the investment in the company’s core products such as ICG, the IC-Flow™ Imaging System and the UltraGreen Data Platform, as well as other products and technologies related to fluorescence guided surgery as well as to support the company’s expansion plans in new geographies across Asia-Pacific, Europe, the Middle East and Africa.
Citibank and DBS Bank are the joint issue managers, joint global coordinators, joint bookrunners and joint underwriters for the proposed IPO.
