UltraGreen.ai IPO Fuels Surge in AI-Driven Surgical Tech Sector

Surgical Technology Company UltraGreen.ai Launches IPO

Surgical technology company UltraGreen.ai has announced the launch of its initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX). The offering began on Nov 26 and aims to raise approximately $400 million in capital. The firm will list on the SGX in U.S. dollars, with shares priced at $1.45 each.

UltraGreen.ai is developing fluorescence imaging technology to support precision surgery and decision-making during operations. Its core product, an indocyanine green dye, is used in surgeries to enhance precision and reduce risks such as sepsis. The company plans to use IPO proceeds for product development, market expansion, and working capital according to reports.

The IPO includes 112 million shares, with cornerstone commitments from 16 investors securing $237.5 million. UltraGreen.ai expects to begin trading on Dec 3 after the public offering closes on Dec 1. The firm's revenue grew 59.3% year on year to $114.7 million in the 2024 financial year, with net profit rising to $56 million.

Why Singapore Was Chosen for the IPO

UltraGreen.ai's chairman, Kwa Chong Seng, highlighted Singapore's strategic location and strong intellectual property protections as key factors in the decision to list on the SGX. He also noted that Singapore's connectivity allows the firm to access both Asian and global markets easily. With a projected market capitalization of $1.6 billion, the firm is still growing and not yet suitable for a Nasdaq listing according to analysis.

SGX recently announced a dual-listing bridge with Nasdaq, which could allow UltraGreen.ai to eventually expand its presence in U.S. markets. Kwa said the company's initial listing on SGX sets a strong foundation for future growth and cross-border opportunities.

Expansion Plans and Market Strategy

UltraGreen.ai aims to expand its presence in the Asia-Pacific, Europe, the Middle East, and Africa. The firm is already established in North America and Europe, with its U.S. market being the largest. The company currently operates a manufacturing facility in Ireland to supply its global operations.

Chief Executive Officer Ravinder Sajwan emphasized the importance of entering the Asian market now to secure long-term growth. The company's focus on AI-based surgical intelligence aligns with global trends in healthcare technology. Sajwan also noted that the healthcare market provides a large consumer base and that the firm's profitability supports aggressive expansion.

UltraGreen.ai's chief financial officer, Eamon Lynch, confirmed that the company is monitoring U.S. tariff policies but believes any impacts are manageable within current pricing strategies. The firm does not yet have a fixed dividend policy, according to its product highlights.

Market Reactions and Future Outlook

The surgical technology sector is gaining momentum, with firms like UltraGreen.ai leveraging AI to improve outcomes. The company's IPO comes amid strong growth in the AI healthcare market, which is projected to expand rapidly through 2032. While Rocket Doctor AI and others are also making inroads, UltraGreen.ai's focus on fluorescence-guided surgery positions it as a leader in a niche but critical field.

Analysts are watching closely to see how the firm's valuation and growth strategy perform in Singapore. The IPO's success could set a precedent for other surgical tech firms seeking capital in Asian markets. With a clear roadmap for expansion and product development, UltraGreen.ai is poised to capitalize on evolving surgical technologies and global healthcare trends.