Surgical tech firm UltraGreen.ai launches IPO to raise over $519 million

SINGAPORE - Surgical technology company UltraGreen.ai announced the launch of its initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX) on Nov 26.

The firm uses fluorescence imaging solutions to develop precision surgery technology, and is building an aritifical intelligence-powered platform to help with decision-making during surgery.

It aims to raise approximately US$400 million (S$519 million) from the IPO as well as from its cornerstone investors.

It is offering over 112 million shares at a price of US$1.45 per share to raise US$162.5 million, and has cornerstone commitments from 16 investors amounting to US$237.5 million.

The offering shares comprise around 106.2 million placement shares, which will be offered via an international placement to institutional and other investors, and 5.9 million shares to be offered via a public offer in Singapore.

UltraGreen.ai is expected to trade in US dollars. The gross proceeds due to the company from the offering are expected to be around US$150 million.

The Singapore public offer is expected to open at 9pm on Nov 26 and close at noon on Dec 1. The company aims to have its trading debut on Dec 3.

UltraGreen.ai’s flagship product is an indocyanine green dye which is used as a fluorescence agent in surgical procedures. The dye allows surgeons to operate with more precision, reducing the risk of sepsis and improving patient outcomes.

The firm’s indocyanine green dye products were sold in 54 countries from 2022 to the first half of 2025. Since 2015, it has also shipped 5.3 million vials of its product to be used in surgeries.

Besides the indocyanine green dye, UltraGreen.ai offers other products such as a hand-held near-infrared digital camera used in fluorescence-guided surgeries.

It also provides a data platform which uses AI-based software to help with decision-making in such surgeries.

The company intends to use the proceeds from its IPO to invest in and develop its core products such as the dye and the camera, as well as its data platform. It also wants to look into other technologies related to fluorescence-guided surgery. The funds can also support its expansion plans in new markets across the Asia-Pacific, Europe, the Middle East and Africa, the company said.

It will also use the funds as working capital, among others.

In the 2024 financial year, its revenue was US$114.7 million, up 59.3 per cent year on year. Its net profit was US$56 million, up from US$33 million the year before.

UltraGreen.ai’s chief executive officer Ravinder Sajwan said: “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.

“We are creating an entirely new category of surgical intelligence that will transform how procedures are performed around the world.”

He added: “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, minimise procedure complications and reduce overall healthcare costs through our innovative fluorescence imaging solutions.”

Chairman Kwa Chong Seng told reporters at a media briefing that the firm chose to list on the SGX because Singapore offers good protection for intellectual property, and also stands at the crossroads of East and West.

“We can access markets on both sides of the world (with Singapore’s) great port connectivity ... and other trade links,” he said.

He added that the market capitalisation of the company – which will be around US$1.6 billion – makes it too small for the Nasdaq at this time. But he also noted that SGX has recently announced a dual-listing bridge between SGX and Nasdaq that can allow companies to list on both exchanges.

“So starting with the SGX could be great, and down the road as we grow the business, we can perhaps expand and take advantage of the SGX and Nasdaq tie-up,” he said.

Responding to why the firm decided to list now, Mr Sajwan said: “I don’t think there’s ever a good time or bad time to do an IPO, because markets change so dynamically. But I think the most important thing to understand from our perspective is we are looking at Asia expansion, and you have to put your foot in the door and say, let’s do it.”

He added that the firm is in the healthcare business, which means it has a large target consumer market. He also said it has shown strong growth and profit margins, and that the company is ready to expand geographically based on its existing strong presence in Europe and the US.

The company currently manufactures its products in Ireland and ships them to the US, which is its biggest market.

Mr Eamon Lynch, UltraGreen.ai’s chief financial officer, said the company is continuously monitoring the US tariff policies but that any tariff prices at the moment can be absorbed within the product pricing.

“We’re reviewing it consistently and we don’t believe it will have any significant or material impact on our business,” he said.

UltraGreen.ai does not have a fixed dividend policy at the moment, its product highlights sheet noted.