UltraGreen.ai began trading on the Singapore Stock Exchange (SGX) under the ticker “ULG” on Wednesday (Dec. 3) morning, following the biggest non-REIT initial public offering on the bourse since 2017.
The company—known for providing fluorescence technology used in surgical imaging—raised $400 million in its initial share sale, pricing shares at $1.45 apiece. The company secured $162.5 million in gross proceeds and $237.5 million in cornerstone commitments from 16 investors in the IPO.
The share sale was oversubscribed 13.6 times.
The IPO also marked 65 Equity Partners’ second liquidity event this year, following AvePoint’s secondary listing in September—nearly four years after Temasek established the investment firm to help stimulate Singapore’s equity markets and broader economy.
UltraGreen.ai had raised $188 million in an investment round led by 65 Equity Partners and UK’s Vitruvian Partners, with participation from August Global Partners, in September this year at a valuation of $1.3 billion.
The round minted UltraGreen.ai as Southeast Asia’s fourth unicorn this year, alongside Ashita Group, Thunes, and Sygnum.
August Global, which closed a $150 million healthcare fund last month after spinning out from EDBI in 2023, is another Singapore-based manager seeing liquidity in the capital markets in the second half of the year. One of the fund’s portfolio companies, Ambiq, raised more than $110 million in gross proceeds in its New York IPO in July. The Austin-based chipmaker, which supplies components for wearables and fitness devices, previously raised a $28 million Series E round in 2018 that was joined by then-EDBI.
UltraGreen.ai develops fluorescence-based imaging systems and software used to guide surgeons during operations, allowing them to see blood flow and tissue perfusion in real time to support more precise surgical decisions.
Its products combine imaging equipment, contrast agents and data software into a single platform used across multiple clinical applications, including general surgery and emerging specialty areas. The company sells its products in more than 50 countries and is expanding its technology to include advanced data-driven tools that quantify blood flow during procedures.
For FY2024, UltragreenAI posted revenue of $114.7 million, a 59.3% increase year on year, while net profit reached $56 million, translating into a net margin of 48.8%.
Next up
After the listing, the company plans to deploy the fresh capital primarily toward working capital needs and expansion into new market segments, including diabetes as well as niche applications in dental and veterinary care, according to CEO Ravinder Sajwan.
These newer applications require the camera to be bundled as part of the product offering, prompting the firm to build cameras at its own FDA-approved manufacturing facility in Singapore. “The use of proceeds is dominantly for camera manufacturing, dye production and putting more feet on the street. We’ll have a software team selling our software products, and camera systems,” Sajwan said in a media briefing last week.
Shipping is expected to begin sometime next year, after the rollout of regulatory approvals across the ASEAN region, where applications have already been submitted in several core markets and will be expanded progressively.
The IPO proceeds will also be used for strategic investments and acquisitions, as well as capital expenditures, to support the company’s expansion into new markets across the Asia-Pacific region, Europe, the Middle East, and Africa.
Singapore has undertaken several measures lately to boost the city-state’s appeal as a hub for high-growth businesses. Singapore’s central bank said last month it would make it easier for companies to establish dual listings on the SGX and the Nasdaq.
