SG surgical imaging firm UltraGreen.ai to raise $400m IPO

UltraGreen.ai Ltd plans to raise about US$400 million in a Singapore IPO at US$1.45 per share, according to a term sheet reviewed by Reuters.

The medical imaging company, which develops fluorescence-guided surgery technology and supplies indocyanine green dyes, aims to list on the Singapore Exchange Mainboard on December 3.

At the proposed price, the IPO would give UltraGreen.ai Ltd a market value of around US$1.6 billion with 1.1 billion shares outstanding.

The offering includes a US$237.5 million cornerstone tranche and a US$162.5 million base offering, with an option to raise an additional US$30 million.

Cornerstone investors include abrdn Asia, AIA Investment Management, Eastspring Investments, HSBC Global Asset Management, and Lion Global Investors, among others.

Proceeds will be used for product development, acquisitions, regional expansion, and corporate purposes.

Citigroup and DBS are joint issue managers and joint bookrunners, with DBS acting as sole global coordinator and both firms as underwriters for the IPO.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

UltraGreen.ai’s ~US$1.6 billion valuation versus recent anchor round, disclosures to watch

UltraGreen.ai debuted at US$1.6 billion 1 after a September 2025 anchor round at US$1.3 billion 2, a 23% jump with no revenue cited. Audited figures for revenue, gross margin, and profitability are missing 1.
Fluorescence‑guided surgery systems total US$124.27 million in 2025, rising to US$263.95 million by 2030 3, while UltraGreen.ai sits at about 6x that scale.
Review the prospectus for regional product mix plus approval timelines across 35+ markets where IC-Green (the company’s branded indocyanine green dye) is cleared 4. Seek proof the AI surgical intelligence platform (software that analyzes surgical imaging to guide decisions) earns recurring revenue rather than remaining developmental.

IPO-funded expansion creates near-term openings for medtech services and distribution partners

The company plans to use IPO proceeds for expansion across Asia-Pacific, Europe, Middle East, and Africa 1. That will spur demand for distributors and regulatory consultants, while reimbursement varies by market 3.
Asia-Pacific posts 18.7% CAGR 3. China, Japan and South Korea grow at 12.0% to 13.8% CAGR in intraoperative fluorescence imaging (real-time imaging used during surgery) 5, so distributors can speed uptake of the IC-Flow Imaging System plus PerfusionWorks Quantification Software (analytics for perfusion measurement) 4.
Operating room IT integrators and CROs can deploy UltraGreen Data Systems (software for storing plus analyzing surgical imaging data) 4 in academic hospitals, which hold 57% of this market 3. Focus on oncology at 61% of applications and transplant perfusion at 20.4% CAGR 3, with ICG fluorescence imaging cutting re-operation rates plus operating theater time 3.