UltraGreen.ai, a leader in fluorescence-guided surgery (FGS), has announced its initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard, aiming to raise over $400m. The company, known for its AI-driven fluorescence imaging solutions, registered its prospectus with the Monetary Authority of Singapore on 26 November 2025. The IPO offers investors a chance to engage with a pioneering firm in the FGS sector, which is expanding its reach, particularly in Asia.
The offering includes 112,068,200 shares priced at $1.45 each, with a Singapore Public Offering Price of S$1.892 per share. UltraGreen.ai has secured commitments from 16 cornerstone investors, contributing $237.5 million. The public offer in Singapore is set to open on 26 November and close on 1 December, with trading expected to commence on 3 December.
UltraGreen.ai’s flagship product, IC-GREEN®, is widely used in FGS procedures, supported by extensive clinical research. The company plans to use the proceeds from the IPO to invest in its core products, expand geographically, and support general corporate purposes. CEO Ravi Sajwan highlighted the company’s strategic expansion from Singapore to capture growth in Asia, aiming to transform surgical procedures globally with enhanced precision and reduced healthcare costs.
Chairman Kwa Chong Seng emphasised the company’s strong growth and strategic market positioning, noting its robust financial performance, including a 59.3% revenue increase in FY2024. The IPO is underwritten by Citigroup Global Markets Singapore and DBS Bank.
