UltraGreen.ai Limited, a Singapore-based fluorescence-guided surgery (FGS) space firm, has proposed an initial public offering and listing on the main board of the Singapore Stock Exchange, to raise over $400 million.
The firm said in a statement on last Wednesday that with its scalable model and holistic suite of offerings for indocyanine green (ICG) and complementary products and services, the company believes that it is well-positioned to
navigate the growing FGS landscape and reinforce its leading position in the FGS-based imaging market.
It is noted that UltraGreen’s ICG products were sold in 54 countries from 2022 to the first half of 2025.
The company offers a fluorescence imaging ecosystem that empowers surgeons with enhanced precision and real-time perfusion data, ultimately improving patient outcomes.
The company anticipates its leading position in the ICG market to be reinforced by its UltraGreen Data Platform, which will include its pioneering vertical artificial intelligence (AI)-based PerfusionWorks quantification software, designed to offer real-time, quantitative perfusion assessment and enhance decision making in FGS.
UltraGreen is a global leader in the FGS space. Its flagship 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.
ICG is used in approximately 95 percent or more of certain FGS procedures, supported by extensive research from surgeons worldwide.
To date, there are more than 18,000 ICG clinical publications and 700 clinical trials studying the use of ICG.
The company has established a comprehensive supply chain through its significant experience in product development and qualification and regulatory affairs, as well as its extensive technical expertise.
In addition, through its relationships with established contract manufacturing organizations that produce the active pharmaceutical ingredient for its ICG and produce its ICG vials, as well as package its products, the company maintains streamlined operations with minimal capital expenditure, while having visibility and scalability over production.
UltraGreen’s business is characterized by strong growth, increasing adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin and significant cash generation, underscoring its robust financial performance and strategic market positioning.
For FY2024, the company’s revenue was $114.7 million, up 59.3 percent year-on-year from FY2023, and the company’s net profit was $56 million, representing a net profit margin of 48.8 percent.
The company believes that its strong financial position and cash flows positions itself for continued success and leadership in the FGS-based imaging market, driving sustainable long-term growth and value creation.
“We have built a profitable and scalable business across Europe and North America and are now strategically expanding from Singapore to capture the next wave of growth in Asia,” said Ravinder Sajwan, Chief Executive Officer and Executive Director of UltraGreen.ai Limited.
“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, minimize procedure complications and reduce overall healthcare costs through our innovative fluorescence imaging solutions,” he added.
Developed in collaboration with leading surgeons, the company’s UltraGreen Data Platform aims to bring objective, data-driven insights to surgeons in operating rooms.
The company plans to integrate its AI-powered PerfusionWorks quantification software with its UltraGreen Data Platform to leverage real-time surgical video feeds, advanced algorithms and a cloud based AI / machine learning engine to generate critical metrics with the aim of providing surgeons with a deeper understanding of tissue perfusion dynamics during
surgery.
UltraGreen also plans to offer customers the option to pay an annual subscription fee or pay-per-use for its UltraGreen Data Platform, depending on customer needs and usage profiles, which the company believes will facilitate broader access to and increased adoption of its innovative solutions.
UltraGreen’s leadership and management team combines decades of experience across pharmaceuticals, medtech, AI, regulatory affairs and international commercialisation.
The company’s leadership and management team’s strategic vision and collective expertise in building and scaling global healthcare businesses, together with their significant expertise in FGS imaging, positions the company for sustainable long-term growth, innovation and operational excellence.
“Our business model combines scientific rigor, 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,” said Kwa Chong Seng, Chairman of UltraGreen.ai Limited.