UltraGreen.ai shares jump 10% over IPO price in SGX trading debut
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(From left) UltraGreen.ai chief operating officer Declan Cassells, chairman Kwa Chong Seng, chief executive officer Ravinder Sajwan and chief financial officer Eamon Lynch.
PHOTO: ULTRAGREEN.AI
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SINGAPORE – Shares of surgical technology company UltraGreen.ai surged on Dec 3 in their trading debut on the Singapore Exchange (SGX) mainboard.
The counter opened at US$1.51 before quickly hitting US$1.60, 10.3 per cent above its initial public offering (IPO) price of US$1.45.
The stock was trading at US$1.56 at around 9.30am and was the most heavily traded counter with more than 15 million shares changing hands.
The firm, which uses fluorescence imaging solutions to develop precision surgery technology, raised US$162.5 million (S$210.6 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 latest firm to list in Singapore, after a year of renewed activity in the capital markets.
The country recorded its strongest IPO performance in six years, raising over $2 billion in 2025 – the highest since 2019.
It saw nine deals in the first 10 and a half months of 2025, on the back of reforms introduced by the Equities Market Review Group set up by the Monetary Authority of Singapore to revive the tepid market.
UltraGreen’s IPO comprised around 112 million offering shares. The Singapore public offer drew strong interest, with a subscription rate of 4.5 times.
When taking institutional and retail demand together, total subscription and indications of interest received amounted to 13.6 times.
UltraGreen chief executive Ravinder Sajwan said: “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.”
He added that the firm is building a global platform from Singapore that brings together data, imaging and artificial intelligence 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 said.
UltraGreen intends to use the net proceeds from the IPO to invest in its core products, including the data platform and its fluorescence imaging offerings.
It wants to expand across the Asia-Pacific, Europe, the Middle East and Africa.
UltraGreen chairman Kwa Chong Seng said: “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.”
He added that the company will continue to deepen its innovation pipeline, expand its presence across key regions and continue building a company that delivers meaningful value to clinicians, patients and shareholders.
