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UltraGreen.ai, a medical imaging company from Singapore, saw its shares jump 8% on debut after raising USD 400 million in the city's largest non-REIT IPO since 2017. The funds will support product development, acquisitions, and global expansion. Its rise highlights investor confidence in Singapore's stock market, especially as the country implements reforms to encourage listings, including easier dual listings and modernized trading systems. The company's entry marks a significant milestone in Singapore's IPO landscape, making it the third-largest offering on the exchange this year.
Singapore-based medical imaging company UltraGreen.ai, which specializes in fluorescence-guided surgery, saw its shares rise 8% on debut, marking a notable entry into the city-state's stock market. The initial public offering raised USD 400 million, making it Singapore's largest non-REIT listing since 2017. During morning trading, shares were valued around USD 1.56, above the IPO price of USD 1.45, giving the company a market capitalisation of USD 1.7 billion. At its peak, the stock touched USD 1.60, while the Straits Times Index recorded a modest increase of 0.3%. Advertisement
UltraGreen.ai produces indocyanine green (ICG) dyes and develops technology for fluorescence-guided surgical procedures. The company is also advancing an AI-powered surgical intelligence platform. Funds raised from the IPO will support the development of its core products, enable strategic acquisitions, and drive expansion across the Asia-Pacific region, Europe, the Middle East, and Africa.
Non-REIT listings remain rare in Singapore, and the successful IPO signals strong market confidence. Deloitte Southeast Asia's capital markets services leader Tay Hwee Ling highlighted that this reflects positive sentiment driven by recent policy reforms and initiatives aimed at strategic asset allocation.
Singapore has recently introduced measures to attract more listings to its exchange, including simplifying dual listings with the Nasdaq, reducing the minimum number of shares required for investors, modernizing post-trade custody, and improving market-making incentives to reduce execution costs. These reforms have helped Singapore lead Southeast Asia's IPO market this year, with nine deals raising approximately USD 1.6 billion. UltraGreen.ai ranked as the third-largest IPO on the Singapore Exchange this year, following NTT DC REIT in July and Centurion Accommodation REIT in September.
Source Reuters
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