Singapore’s UltraGreen.ai launches IPO targeting over $400m

UltraGreen.ai Limited, a global leader in fluorescence-guided surgery (FGS) and AI-driven imaging, has launched its initial public offering on the Singapore Exchange mainboard to raise over US$400 million from the IPO and cornerstone investors.

The company plans to use IPO proceeds for development of its core products, strategic investments, expansion into new markets, and general corporate purposes.

The company is offering 112,068,200 shares at US$1.45 each, aiming to raise US$162.5 million from the international offering and Singapore public offer, and US$237.5 million from 16 cornerstone investors.

UltraGreen.ai Limited reported revenue of US$114.7 million for FY2024, up 59.3% year-on-year from FY2023, with a net profit of US$56.0 million.

Its flagship indocyanine green (ICG) products were sold in 54 countries from 2022 to the first half of 2025.

Trading of the shares is expected to begin at 9:00 a.m. on December 3, 2025, in US dollars.

🔗 Source: UltraGreen.ai

🧠 Food for thought

Implications, context, and why it matters.

UltraGreen IPO looks expensive as dye sales dominate

The IPO is priced at US$1.45 per share on 1.103 billion shares post-offering. The implied market cap is US$1.6 billion 1, which equals 14x trailing revenue (US$114.7 million in FY2024) and 29x trailing net profit (US$56 million in FY2024).
The global fluorescence-guided surgery systems market totals US$124.27 million in 2025 2. That scale sits far below UltraGreen’s valuation.
UltraGreen leans on indocyanine green (ICG) dye sales. The fluorescent agent is approved in 35+ markets 3 4. New options like 5-aminolevulinic acid (5-ALA) and tumor-specific markers (targeted fluorescent probes) 5 could erode margins if the company cannot move beyond incumbency.

Asia-Pacific fluorescence surgery growth opens room for tech vendors

Asia-Pacific fluorescence-guided surgery grows at an 18.7% compound annual growth rate (CAGR) 2, the fastest globally. Government healthcare spending, rising surgical volumes, and medical tourism support the trend 6. Hospitals need surgical data infrastructure and AI analytics platforms.
UltraGreen.ai plans local offices and regulatory teams in Asia 4. That opens opportunities for enterprise vendors with cloud surgical video storage, AI real-time perfusion (blood-flow) quantification tools, plus compliant Content Delivery Network (CDN) infrastructure for the UltraGreen Data platform and similar systems 3.
Investors and SaaS firms can focus on hospitals in South Korea and Japan, plus China and India 6. Robotic platforms grow at 19.2% CAGR 2. Surgeons need fluorescence modules with 4K scopes, operating room (OR) displays, and post-operative training analytics to offset reduced tactile feedback in minimally invasive procedures.