Surgical tech firm UltraGreen.ai launches IPO to raise over $519m

It intends to use proceeds to invest in and develop its core products, data platform

- Sue-Ann Tan

Surgical technology company UltraGreen.ai announced the launch of its initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX) on Nov 26.

The firm uses fluorescence imaging solutions to develop precision surgery technology, and is building an artificial intelligence-powered platform to help with decision-making during surgery.

It aims to raise approximately US$400 million (S$519.6 million) from the IPO as well as from its cornerstone investors.

It is offering over 112 million shares at a price of US$1.45 a share to raise US$162.5 million, and has cornerstone commitments from 16 investors amounting to US$237.5 million.

The offering shares comprise around 106.2 million placement shares, which will be offered via an international placement to institutional and other investors, and 5.9 million shares to be offered via a public offer in Singapore.

UltraGreen.ai is expected to trade in US dollars. The gross proceeds due to the company from the offering are expected to be around US$150 million.

The Singapore public offer opened at 9pm on Nov 26 and is set to close at noon on Dec 1. The company aims to have its trading debut on Dec 3.

UltraGreen.ai’s flagship product is an indocyanine green dye which is used as a fluorescence agent in surgical procedures. The dye allows surgeons to operate with more precision, reducing the risk of sepsis and improving patient outcomes.