UltraGreen.ai, a Singapore-based provider of fluorescence technology for medical imaging, is considering an initial public offering (IPO) to raise up to S$400 million (US$298 million).

The company is working with financial advisers to explore a potential listing in Singapore later this year. The final size and timing of the IPO are still under discussion.

If the IPO proceeds, it would be a significant event in Singapore, which has not seen any IPOs in 2025.

In 2024, Singapore had four IPOs raising a total of US$34.4 million, with the Singapore Institute of Advanced Medicine Holdings Pte leading the way with a US$19.5 million offering.

UltraGreen.ai’s clients include healthcare organizations such as Adventist Health, Cleveland Clinic, and Mayo Clinic.