UltraGreen.ai Limited, a Singapore-based fluorescence-guided surgery (FGS) space firm, has received strong investor demand for its $400 million initial public offering (IPO) in the Singapore Stock Exchange.
The firm said in a statement on Tuesday that the offering comprised 112.07 million offering shares at an offering price of $1.45 per share and the Singapore public offer drew strong interest, with 1,033 valid applications for 26,525,100 Shares received representing a subscription rate of 4.5 times.
In total, the offering attracted subscriptions and indications of interest of approximately $162.5 million and was 13.6 times subscribed.
The offering was underwritten by Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd., and forms part of a broader capital-raising exercise which includes $237.5 million in cornerstone commitments from 16 global investors (including ones with a focus on healthcare), bringing total proceeds from the Offering and cornerstone tranche to approximately $400 million.
The strong subscription levels underscore investor confidence in UltraGreen’s leading position in FGS and its ability to scale globally across pharmaceuticals, medtech, imaging and artificial intelligence (AI)-enabled surgical intelligence.
“We are deeply encouraged by the strong support from institutional and retail investors,
“This response reflects growing recognition of how fluorescence-guided surgery is transforming surgical precision, and UltraGreen’s role at the forefront of that movement,” said Ravinder Sajwan, Chief Executive Officer and Executive Director of UltraGreen.
“From Singapore, we are building a global platform that brings together data, imaging and AI to support more confident decision-making for surgeons and the wider clinical community,
“We believe the momentum from this IPO will strengthen our ability to expand access to these innovations across more hospitals, more regions, and ultimately more patients worldwide,” he added.
UltraGreen is the global leader in indocyanine green (ICG)-based fluorescence imaging, offering a comprehensive ecosystem that includes its flagship ICG agents marketed as IC-GREEN in the United States, and Verdye outside North America.
ICG is used in approximately 95 percent or more of certain FGS procedures globally and is supported by more than 18,000 publications and 700 clinical studies.
The company is now advancing towards the launch of the UltraGreen Data Platform, including its AI-based PerfusionWorks quantification software, which is designed to support real-time, quantitative perfusion assessment and enhance decision-making in FGS.
The company intends to use the net proceeds for investment across its core products, including ICG, the IC-Flow Imaging System, and the UltraGreen Data Platform, alongside strategic expansion across Asia-Pacific, Europe, the Middle East and Africa, as well as general corporate purposes and working capital.
“UltraGreen’s successful offering highlights the strong confidence investors have in companies like ours that combine scientific depth with commercial scale,” said Kwa Chong Seng, Chairman of UltraGreen.ai Limited.
“We have shown a consistent and disciplined operating model including growth and value, and we believe this provides a solid foundation for the company for its expanding global market,
“As we prepare for our listing on the SGX mainboard, we will continue to strive to deepen our innovation pipeline, expand our presence across key regions, and continue building a company that delivers meaningful value to clinicians, patients and shareholders,” he added.
Trading of the company’s shares on the mainboard of the SGX-ST has commenced on Wednesday.