UltraGreen.ai closes week below IPO price; MetaOptics surges

Shares of surgical technology company UltraGreen.ai, which debuted on the Singapore Exchange (SGX) mainboard on Dec 3 to robust investor interest, closed the week on Dec 5 at US$1.44.

- Tay Hong Yi

Mr Pol de Win (centre), SGX Group head of global sales and origination, with UltraGreen.ai chief executive and executive director Ravinder Sajwan at the surgical technology company's listing ceremony on Dec 3. UltraGreen.ai is the most recent firm to list on the mainboard, in the latest sign of renewed vigour in the Singapore capital markets.

(PHOTO: ULTRAGREEN)

This is one US cent lower than the counter’s initial public offering (IPO) price of US$1.45 per share, reversing gains on the first day of trading on Dec 3 when the stock briefly peaked at US$1.62.

Over 53 million shares changed hands over three days of trading.

The firm, which uses fluorescence imaging solutions to develop precision surgery technology, raised US$162.5 million (S$211 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 most recent firm to list on the mainboard, in the latest sign of renewed vigour in the Singapore capital markets.

Meanwhile, Catalist-listed MetaOptics extended its strong run since its September debut after a proposed share placement was announced on Dec 1.

The semiconductor optics company’s counter surged to $1.49 on Dec 5, before paring gains to close at $1.26, gaining 76 per cent over the week and soaring some 530 per cent from its IPO price of 20 cents.

The company had proposed to raise $4.85 million via a placement of 6,685,028 new ordinary shares at $0.7255 per placement share.