UltraGreen.ai has received a total subscription and indications of interest of 13.6 times for the 112,068,200 offering shares offered for its IPO.
The shares are offered at US$1.45 per share, or $1.892 per share for the Singapore Public Offer. This brings the amount raised in the public offering to 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.
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.
The company 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.
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UltraGreen is set to list on the mainboard of the Singapore Exchange on Dec 3 at 9am under the stock code ULG.
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.
