UltraGreen.ai is said to mull up to S$400 million IPO in Singapore

[SINGAPORE] UltraGreen.ai, a provider of fluorescence technology used in medical and surgical imaging, is considering an initial public offering to raise as much as S$400 million, people familiar with the matter said.

The company is working with financial advisers to help plan an offering that could take place in Singapore as soon as this year, according to the people, who asked not to be identified because the deliberations are private. An IPO might raise between S$300 million and S$400 million, they said.

Considerations are ongoing and details such as the offering size and timing could change, the people said.

UltraGreen did not respond to requests for comment.

Singapore has yet to host an IPO this year, though France’s Praemia REIM and Japan’s Nippon Telegraph & Telephone are considering listing real estate investment trusts in the city-state, Bloomberg News has reported.

There were four listings in Singapore in 2024, raising a total of US$34.4 million, according to data compiled by Bloomberg. Singapore Institute of Advanced Medicine Holdings’ was the biggest, raising about US$19.5 million.

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UltraGreen’s customers include AdventistHealth, Cleveland Clinic and Mayo Clinic, the Singapore-based company’s website shows. BLOOMBERG