Singapore medical imaging company UltraGreen.ai surged 8% in its market debut Wednesday after raising $400 million in the city-state’s largest non-REIT IPO in eight years, signaling strong investor demand for innovative healthcare technology.
IPO Funds Growth and Innovation
Shares traded around $1.56 in morning sessions, above the $1.45 IPO price, and briefly touched $1.60. The gain valued the company at approximately $1.7 billion. The benchmark Straits Times Index rose 0.3% amid generally steady market conditions, reflecting moderate optimism among investors.
Proceeds from the IPO will be used to support the development of UltraGreen.ai’s core products, fund strategic acquisitions, and accelerate the company’s expansion across Asia-Pacific, Europe, the Middle East, and Africa. “The IPO positions UltraGreen.ai to accelerate its AI-powered surgical intelligence platform and core products,” said company spokesperson Lim Wei. He added that the company is focused on delivering cutting-edge healthcare solutions that aim to improve surgical precision, enhance patient outcomes, and strengthen its market position globally.
Fluorescence-Guided Surgery Drives Interest
UltraGreen.ai specializes in fluorescence-guided surgery technology and supplies indocyanine green dyes, commonly called ICG. Its technology is designed to help surgeons perform procedures with greater accuracy and safety by providing real-time imaging guidance. The company is also developing an AI-powered surgical intelligence platform to integrate data and insights, offering surgeons a comprehensive tool for decision-making during operations.
“This debut highlights growing investor confidence in innovative healthcare solutions,” said Tay Hwee Ling, Deloitte Southeast Asia’s capital markets services leader. “It reflects positive market sentiment driven by recent policy reforms and strategic asset allocation initiatives that encourage companies to list and investors to participate. UltraGreen.ai demonstrates how advanced technology companies can successfully enter the Singapore market and attract significant capital.”
Singapore Reforms Spur Listings
Non-REIT listings are relatively rare in Singapore, making UltraGreen.ai’s debut particularly notable. The government has introduced several reforms to attract more companies to the local bourse, including facilitating dual listings with Nasdaq, lowering the minimum number of shares investors must purchase, modernizing post-trade custody processes, and improving market-making incentives to reduce execution costs.
Singapore has led Southeast Asia’s IPO market in 2025 with nine deals raising about $1.6 billion. UltraGreen.ai ranks as the third-largest IPO on the Singapore Exchange this year, following NTT DC REIT in July and Centurion Accommodation REIT in September. The strong reception of its shares underscores growing investor interest in Singapore’s expanding healthcare technology sector.
