UltraGreen.ai shares jump as much as 11.7% over IPO price in SGX trading debut

SINGAPORE – Shares of surgical technology company UltraGreen.ai surged on Dec 3 in the company’s trading debut on the Singapore Exchange (SGX) mainboard.

The counter opened at US$1.51 before hitting a morning high of US$1.62, 11.7 per cent above its initial public offering (IPO) price of US$1.45.

At 3.30pm, UltraGreen.ai was at US$1.57 with 31 million shares traded, making it the fourth most heavily traded stock by value. The counter ended the trading day at US$1.52, or 4.8 per cent above its IPO price, with 36.2 million shares exchanging 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 10½ months of 2025, on the back of reforms introduced by the Equities Market Review Group set up by the Monetary Authority of Singapore (MAS) 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 said 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.

The firm 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.”

DBS and Citigroup Global Markets Singapore were the joint issue managers, joint bookrunners and underwriters of the offering.

Citi said the strong investor reception to UltraGreen.ai’s IPO is a reflection of the solid fundamentals in its market leadership and vision.

Mr Yew Jingkai, its head of South-east Asia equity capital markets, said: “The listing marks a new chapter for SGX bringing health-tech and data innovation to the forefront, and will certainly serve as encouragement for potential issuers, especially in the innovation-led and new economy sectors.”

He added that the market reforms by SGX and MAS contributed to investor appetite for this IPO.