UltraGreen.ai Ltd is preparing one of Singapore’s largest recent non-REIT listings as it targets a $400 million initial public offering. The medical imaging company, which specializes in fluorescence-guided surgery and supplies indocyanine green dyes, plans to list on the Singapore Exchange Mainboard on December 3. The deal positions UltraGreen.ai at the intersection of advanced surgical technology, artificial intelligence and public market growth in Southeast Asia.
IPO Size, Pricing and Valuation
According to a term sheet reviewed by Reuters, UltraGreen.ai aims to price its IPO at $1.45 per share. At this offer price, the company would begin trading with a market capitalization of around $1.6 billion, based on approximately 1.103 billion shares on issue. The company intends to report its financials in U.S. dollars, reflecting its international investor base and global ambitions.
Structure of the Offering
The IPO has been structured with a substantial cornerstone tranche alongside a traditional base offering. UltraGreen.ai plans to raise $237.5 million from cornerstone investors and $162.5 million through the base offering available to other institutional and retail participants. An overallotment option of up to $30 million has been included, providing flexibility to expand the deal size if demand is strong.
Cornerstone Investors and Market Confidence
The cornerstone tranche is backed by a roster of prominent regional and global asset managers. Investors named in the term sheet include abrdn Asia, AIA Investment Management, Eastspring Investments, HSBC Global Asset Management and Lion Global Investors, among others. Their early commitment offers a vote of confidence in UltraGreen.ai’s business model, growth prospects and the broader Singapore market.
Shareholding, Free Float and Sponsor Position
Post-IPO, Renew Group Private Ltd is expected to remain the majority shareholder while reducing its stake. Its holding will fall to 61.9 percent if no greenshoe shares are placed and could decline further to 60.1 percent if the full overallotment option is exercised. The free float is guided at up to 23.4 percent before any greenshoe allocation, enhancing liquidity while preserving a strong strategic anchor shareholder.
Business Focus and Use of Proceeds
UltraGreen.ai develops fluorescence-guided surgery technologies and distributes indocyanine green dyes that help surgeons visualize critical structures during procedures. Its portfolio includes products such as ICG and the IC-Flow Imaging System, and the company is also building an AI-powered surgical intelligence platform, according to its website. Proceeds from the IPO are earmarked for product development, strategic acquisitions, expansion across Asia-Pacific, Europe, the Middle East and Africa, and general corporate purposes.
Singapore IPO Market Context and Deal Leadership
The listing comes as Singapore leads Southeast Asia’s IPO market in 2025 with nine deals raising about $1.6 billion so far, driven primarily by real estate investment trusts and supported by market reforms and lower interest rates. UltraGreen.ai’s transaction would rank among the largest non-REIT offerings in the city-state in recent years, reinforcing Singapore’s appeal for high-growth, innovation-led companies. Citigroup and DBS are joint issue managers and joint bookrunners, with DBS acting as sole global coordinator and both banks underwriting the deal.
UltraGreen.ai’s planned IPO combines a sizable offer, strong cornerstone backing and exposure to fast-growing healthcare and AI-driven surgical technologies. The transaction is set to deepen the pipeline of non-REIT listings in Singapore while giving investors access to a specialized medical imaging player with global expansion plans. If successfully executed, the deal will underscore Singapore’s role as a preferred listing venue for regional technology and healthcare champions.
Source: Reuters