UltraGreen.ai closes week below IPO price; MetaOptics surges

SINGAPORE – Shares of surgical technology company UltraGreen.ai, which debuted on the Singapore Exchange (SGX) mainboard on Dec 3 to robust investor interest, closed the week on Dec 5 at US$1.44.

This is one US cent lower than the counter’s initial public offering (IPO) price of US$1.45 per share, reversing gains on the first day of trading on Dec 3 when the stock briefly peaked at US$1.62.

Over 53 million shares changed hands over three days of trading, 

The firm, which uses fluorescence imaging solutions to develop precision surgery technology, raised US$162.5 million (S$211 million) in gross proceeds, it said late on Dec 2 at the close of its Singapore public offer.

Together with the secured US$237.5 million in cornerstone commitments from 16 investors, the total proceeds came up to around US$400 million.

UltraGreen.ai is the most recent firm to list on the mainboard, in the latest sign of renewed vigour in the Singapore capital markets.

Meanwhile, Catalist-listed MetaOptics extended its strong run since its September debut after a proposed share placement was announced on Dec 1.

The semiconductor optics company’s counter surged to $1.49 on Dec 5, before paring gains to close at $1.26, gaining 76 per cent over the week and soaring some 530 per cent from its IPO price of 20 cents.

The company had proposed to raise $4.85 million via a placement of 6,685,028 new ordinary shares at $0.7255 per placement share.

MetaOptics said the proceeds will be used to strengthen its financial position and expand its capital base, to meet anticipated upcoming customer purchase orders, as well as to provide liquidity and funding for general working capital needs.

The company announced on Nov 17 the plan to list on Nasdaq to gain access to a diversified pool of investors and improve the trading liquidity of its securities.

Active trading of non-STI stocks

In a market update on Dec 4, SGX Group shared insights on the 30 most traded stocks outside the Straits Times Index (STI) in the second half of 2025 up to Dec 3.

Seven real estate investment trusts (Reits) maintain the strongest presence among the 30 most traded stocks outside the STI.

With a combined market capitalisation of $19.5 billion, the seven are NTT DC Reit, Centurion Accommodation Reit (CAREIT), Suntec Reit, Keppel Reit, CapitaLand Ascott Trust, Lendlease Global Commercial Reit and Parkway Life Reit.

Some $34 million of the $214 million average daily turnover for the 30 counters was chalked up by debutants NTT DC Reit, CAREIT and maritime investment manager Yangzijiang Maritime, said SGX Group.

“(For) the 2025 year to Dec 3, these next most traded 30 stocks have kept pace with the STI, with a 25 per cent median total return.”

The technology sector saw the next largest combined average daily turnover after the S-Reits, with five stocks posting $44.4 million in the second half of 2025 up to Dec 3, up 2.4 times from $18.8 million in the first half. 

The trio of CSE Global, iFAST Corporation and Frencken Group also booked the highest net institutional inflow proportionate to market capitalisation among the next 30 stocks by average daily turnover in the same period, SGX Group said.

Other market movements

Meanwhile, Manulife US Reit, which focuses purely on US offices, is seeking unitholder approval to expand its investment mandate into industrial, accommodation, housing and retail assets in the US and Canada.

The move comes amid a muted outlook for the US office sector.

To allow the proposed shift, the Reit manager is also seeking approval to sell up to three existing properties for aggregate net proceeds of up to US$350 million, as well as for investments in the new asset classes.

An extraordinary general meeting is to be held on Dec 16 with two resolutions for unitholders’ approval on the agenda: to expand the investment mandate, and for the sale of properties and investments into the new classes.

Both resolutions must be passed together. If one resolution fails, the other will not proceed.

On the banking front, OCBC reached a new intra-day high of $19 on Dec 4. The counter closed the week at $18.92.

With OCBC’s fine performance in the wealth business, analysts have indicated the strong potential for upside at a more moderate valuation, setting it apart from its rivals UOB and DBS.

They raised concerns over UOB’s asset quality following its earnings miss for the third quarter ended Sept 30, while DBS’ meteoric rise in share price means it is trading at a significantly higher price multiple.

On the small-cap front, Marco Polo Marine outperformed expectations in its results for the financial year ended Sept 30, 2025, released on Nov 29. The offshore and marine group reported core earnings of $28 million, up 30 per cent year on year.

The results follow news of the group clinching its largest shipbuilding contract, from Taiwan’s National Academy of Marine Research for a 4,000 gross tonne oceanographic research vessel.

While revenue dipped slightly, better-than-expected gross and operating margins on the back of improved charter rates led to the strong earnings, said RHB analyst Alfie Yeo in a Dec 1 research note.

He also raised the target price to 14 cents and earnings forecasts by 15 per cent for the 2026 financial year, and 13 per cent for the 2027 financial year.

However, he added that this new forecast “is premised on a higher fleet size, improved charter rates, stronger utilisation rates, and the recent shipbuilding contract coming through”.

What to look out for this week

The delisting of precision manufacturer Broadway Industrial Group from the SGX mainboard has been set in motion with a proposed selective capital reduction announced on Dec 5.

The exercise entails cancelling 17,265,407 shares held by shareholders other than the controlling shareholders, at an exit offer price of 26.2 cents per share.

This translates to a sum of about $4.52 million set aside for return to the shareholders, the company said in a bourse filing.

Earlier in the week, on Dec 1, the majority shareholders of Low Keng Huat (Singapore) launched a voluntary conditional general offer to take the mainboard-listed construction and property developer private at 72 cents per share.

The formal offer document will be sent to shareholders between 14 and 21 days from the announcement date of Nov 28, so the earliest they may receive this would be on Dec 12.

Turning to the US, the Federal Reserve will hold its last of eight scheduled meetings of the year from Dec 9 to 10.

Market watchers have indicated a likely quarter percentage-point rate cut in the policy statement, which is expected to be delivered in the wee hours of Dec 11, Singapore time.