UltraGreen.ai’s 5.9 million share public offer 4.5 times subscribed

The public tranche of the Singapore initial public offering (IPO) of medical imaging and surgery technology firm UltraGreen.ai notched a subscription rate of 4.5 times, with more than a thousand valid applications for some 26.5 million shares.

Its Singapore public offer received about S$50.2 million in application monies, Ultragreen.ai said in a balloting announcement posted on the local bourse on Tuesday (Dec 2).

In total, the company offered nearly 112.1 million shares at US$1.45 or S$1.892 apiece – comprising 5.9 million shares under the Singapore public offer and the remaining 106.2 million shares under its international offering.

Its international offering was about 14.1 times subscribed, with indications of interest received for some 1.5 billion shares.

Overall, the offering was approximately 13.6 times subscribed.

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

Ultragreen.ai develops fluorescence-guided surgery technology, offers fluorescence imaging services and supplies indocyanine green dyes used in surgical procedures.

The company’s chief executive and executive director Ravinder Sajwan said: “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 added that the positive response from institutional and retail investors reflects growing recognition of how fluorescence-guided surgery is transforming surgical precision, and the company’s role at the forefront of this movement.

Its shares are expected to be listed on the Singapore Exchange’s mainboard on Wednesday morning.

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