Ultragreen.ai has launched its initial public offering (IPO) at US$1.45 per share, aimed to raise gross proceeds of US$400 million.
5.86 million shares will be available in the public tranche and another 106.2 million shares will be available to investors outside the United States, including institutional and other investors in Singapore.
With a total share base of approximately 1.1 billion, the company's market capitalisation based on the IPO price will be approximately US$1.6 billion. Based on its post-invitation FY2024 earning per share of 5.07 US cents, Ultragreen.ai’s IPO is priced at 28.6 times historical earnings.
The company describes itself as a global leader in the fluorescence imaging agents (FGS) space. Its flagship Indocyanine Green (ICG) product (marketed as ICGREEN® in the U.S., Indocyanine Green for Injection, USP in the U.S. and Canada and Verdye outside North America) is the most widely used fluorescence agent in FGS.
Ravinder Sajwan, CEO and Executive Director of UltraGreen.ai, said: “We are creating an entirely new category of surgical intelligence that will transform how procedures are performed around the world. With the backing of Singapore's capital markets, we will accelerate our mission for every surgeon to be able to operate with enhanced precision and confidence using fluorescence technologies, and to improve clinical outcomes, minimise procedure complications and reduce overall healthcare costs through our innovative fluorescence imaging solutions.”
Kwa Chong Seng, Chairman of UltraGreen.ai, said: “Our business model combines scientific rigour, technological innovation, and commercial discipline to create sustainable value for all stakeholders. The Company’s clear strategy and strong fundamentals are reflected in its strong topline growth, operational efficiency and strategic marketing. We are proud to bring to investors, including international asset managers, a company that is a global leader in the FGS space, with ICG positioned for substantial growth alongside the expanding FGS market.”
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The Singapore Public Offer is expected to open at 9.00 pm on Nov 26 and close at 12.00 pm on Dec 1, with trading debut at 9.00 am on Dec 3.
The Offering is underwritten by Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd. at the Offering Price.
