UltraGreen.ai aims to raise US$400 million in Singapore IPO, term sheet shows

[SINGAPORE] UltraGreen.ai, a medical imaging and fluorescence-guided surgery company, is aiming to raise about US$400 million in a Singapore initial public offering (IPO) at US$1.45 per share, according to a term sheet reviewed by Reuters on Wednesday (Nov 19).

The company, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, plans to list on the Singapore Exchange Mainboard on Dec 3. It will report in US dollars.

The company is building an AI-powered surgical intelligence platform, according to its website.

At the offer price, UltraGreen.ai would debut with a market capitalisation of about US$1.6 billion on 1.103 billion shares on issue.

Singapore tops South-east Asia’s IPO market with nine deals raising about US$1.6 billion so far this year, driven by major Reit listings and supported by market reforms and lower rates, according to Deloitte. UltraGreen.ai’s IPO would rank among the largest non-Reit listings in the city-state in recent years.

The IPO comprises a US$237.5 million cornerstone tranche and a US$162.5 million base offering, with an over-allotment option of up to US$30 million.

The company did not immediately respond to an e-mail request seeking comment.

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

Renew Group Private will pare its stake to 61.9 per cent post-offer if no greenshoe shares are placed, and to 60.1 per cent if fully exercised. The free float is guided at up to 23.4 per cent before the greenshoe, the sheet showed.

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The IPO proceeds will fund development of the company’s products, such as ICG and the IC-Flow Imaging System, strategic acquisitions and expansion across Asia-Pacific, Europe, the Middle East and Africa, as well as general corporate purposes.

Citigroup and DBS are the joint issue manager and sole global coordinator, joint bookrunner and underwriter for the offering, according to the company’s prospectus. REUTERS