UltraGreen.ai received a total subscription and indications of interest of 13.6 times for the 112,068,200 shares offered for its IPO, raising a total of US$162.5 million.
The Singapore Public Offer received 1,033 valid applications for 26,525,100 shares, representing a subscription rate of 4.5 times.
“UltraGreen.ai’s listing on the SGX Mainboard marks a major milestone in advancing fluorescence-guided surgery," says CEO Ravinder Sajwan.
"We are deeply encouraged by the strong support from institutional and retail investors, reflecting growing recognition of how fluorescence-guided surgery is transforming surgical precision and UltraGreen’s role at the forefront.
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"We believe the momentum from this IPO will strengthen our ability to expand access to accelerate commercial execution, and drive meaningful clinical impact to more hospitals, regions, and patients worldwide," he adds.
Pol de Win, head of global sales and origination at SGX calls this listing a milestone that reflects the growing strength and global relevance of Singapore’s MedTech sector.
"As a leader in fluorescence-guided surgery, UltraGreen.ai brings cutting edge solutions to the region, and we are proud to support their growth journey," he adds.
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The offering was underwritten by Citigroup Global Markets Singapore and DBS Bank and forms part of a broader capital-raising exercise which includes US$237.5 million in cornerstone commitments from 16 global investors, bringing total proceeds to approximately US$400 million.
Jingkai Yew, head of southeast Asia equity capital markets at Citi, says this listing will encourage other potential companies especially in the innovation-led and new economy sectors to list on the SGX too.
“The IPO coincides with early stages of roll-out of the MAS Equity Market Development Program. This has been a contributing factor to investor appetite seen on the deal, among others," adds Yew.
UltraGreen.ai intends to use net proceeds for the investment across its core products, including ICG, the IC-Flow Imaging System and the UltraGreen Data Platform. This alongside strategic expansion plans across Asia-Pacific, Europe, the Middle East and Africa, and general corporate purposes and working capital.
UltraGreen is the global leader in ICG-based fluorescence imaging, offering an ecosystem that includes its flagship ICG agents marketed as IC-GREEN® in the US and Verdye outside North America. ICG is used in approximately 95% or more of certain FGS procedures globally and is supported by more than 18,000 publications and 700 clinical studies.
Even before UltraGreen.ai started trading, it has received coverage from the financial community.
In an initiation report on Dec 2, UOB Kay Hian figures the stock is valued at US$2, based on 24x FY2026 earnings, which is a 30% discount compared to peers’ average of 32x.
"We expect its continued strong earnings growth, attractive margins and better price discovery to catalyse a valuation re-rating," says UOB Kay Hian.
