UltraGreen.ai Limited IPO Receives Overwhelming Investor Demand Ahead of SGX Mainboard Debut

Key Highlights for Investors

• IPO Subscription Rate: The IPO saw robust demand, with total subscriptions and indications of interest reaching 13.6 times the available shares. The Singapore Public Offer alone was 4.5 times subscribed, with 1,033 valid applications for 26,525,100 shares.
• Cornerstone Commitments: The offering secured US\$237.5 million in cornerstone investments from 16 global investors, some with a focus on healthcare.
• Gross Proceeds: The total gross proceeds from the offering, including the cornerstone tranche, amounted to approximately US\$400 million.
• Listing Details: UltraGreen will debut on the SGX Mainboard under the stock code ULG at 9:00 a.m. on 3 December 2025.
• Underwriters: The offering was underwritten by Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd.

What Shareholders Need to Know

• Strong Market Position: UltraGreen is a global leader in fluorescence-guided surgery (FGS), offering a comprehensive ecosystem that includes the leading ICG (indocyanine green) agents—IC-GREEN® in the US and Verdye® outside North America.
• Market Penetration: ICG is used in more than 95% of certain FGS procedures worldwide and is backed by over 18,000 publications and 700 clinical studies, indicating a dominant market position and strong clinical adoption.
• New Product Launches: UltraGreen is advancing towards the launch of its UltraGreen Data Platform, which includes the AI-based PerfusionWorks™ quantification software. This platform aims to deliver real-time, quantitative perfusion assessment to enhance surgical decision-making.
• Growth Strategy: Proceeds from the IPO will be allocated to investment in core products (ICG, IC-Flow™ Imaging System, and the UltraGreen Data Platform), strategic expansion across Asia-Pacific, Europe, the Middle East and Africa, as well as general corporate purposes and working capital.
• Leadership Comments: CEO Ravinder Sajwan highlighted the momentum from the IPO as a catalyst for further global expansion, while Chairman Kwa Chong Seng emphasized the company’s disciplined operating model and commitment to innovation and shareholder value.
• Potential Price Sensitivity: The overwhelming demand for shares and strong cornerstone investment signal high investor confidence, potentially supporting share price performance post-listing. Additionally, the company’s plans for rapid expansion and innovation in a dominant market segment could drive future growth and valuation re-rating.

Detailed Overview

UltraGreen.ai Limited, a frontrunner in fluorescence-guided surgery, is set to make its debut on the Singapore Exchange (SGX) Mainboard on 3 December 2025, following an exceptionally well-received initial public offering (IPO). The offering attracted both institutional and retail investors, culminating in a total subscription rate of 13.6 times. The Singapore Public Offer alone was 4.5 times subscribed, with 1,033 valid applications for 26,525,100 shares at an offering price of US\$1.45 per share (S\$1.892 per share, based on the exchange rate of US\$1.00 to S\$1.305).

In addition to the public offer, UltraGreen secured US\$237.5 million in cornerstone commitments from 16 prominent global investors, including several with a strong healthcare focus. This brought the total gross proceeds from the IPO and cornerstone tranche to approximately US\$400 million. The offering was underwritten by Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd., further underscoring the credibility and scale of the transaction.

The overwhelming demand for UltraGreen shares reflects robust investor confidence in the company’s market leadership in FGS—a space that is witnessing rapid adoption due to its ability to improve surgical precision and patient outcomes. UltraGreen’s flagship ICG agents, IC-GREEN® and Verdye®, are the most widely used fluorescence agents globally, featuring in over 95% of certain FGS procedures. The company’s products are supported by a wealth of clinical evidence, with more than 18,000 publications and 700 clinical studies validating their efficacy.

Looking ahead, UltraGreen is set to launch its UltraGreen Data Platform, anchored by the PerfusionWorks™ AI-based software, which will provide real-time, quantitative perfusion assessment. This next-generation platform is designed to empower surgeons with actionable data, further enhancing the precision and effectiveness of FGS.

The net proceeds from the IPO will be strategically invested in the company’s core product suite, ongoing innovation, and expansion into new geographies, particularly across Asia-Pacific, Europe, the Middle East, and Africa. The company also aims to strengthen its working capital and general corporate resources to support its growth trajectory.

Company leaders are optimistic about the future. CEO Ravinder Sajwan stated, “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.” Chairman Kwa Chong Seng added, “UltraGreen’s successful Offering highlights the strong confidence investors have in companies like ours that combine scientific depth with commercial scale. 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.”

Trading of UltraGreen’s shares is expected to commence at 9:00 a.m. on Wednesday, 3 December 2025, under the stock code ULG. Allotment and allocation details will be published in The Business Times and on SGXNET prior to listing.

Investor Takeaways

• The strong oversubscription and cornerstone demand indicate a high level of investor confidence, which could support share price appreciation post-listing.
• UltraGreen’s leadership in the FGS market, backed by a robust clinical and commercial track record, positions it well for continued growth.
• Ongoing innovation and geographic expansion, supported by IPO proceeds, could serve as catalysts for future share price performance.

About UltraGreen.ai Limited

UltraGreen.ai Limited is a global leader in fluorescence-guided surgery, pioneering vertical AI tools for precision surgery and data-driven fluorescence imaging solutions. Its flagship ICG products, IC-GREEN® and Verdye®, are the most widely used fluorescence agents in the field. The upcoming UltraGreen Data Platform and PerfusionWorks™ software are set to further enhance the company’s technological edge and market position.

For more information, visit www.ultragreen.ai

Disclaimer

This article is for informational purposes only and does not constitute an offer or solicitation to purchase or subscribe for any securities. It is not investment advice. The information contained herein is based on publicly available data and company press releases. Investors are advised to review the full prospectus and seek professional advice before making any investment decision. The securities described have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an applicable exemption.

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