By Yantoultra Ngui
SINGAPORE (Reuters) -UltraGreen.ai has started pre-marketing for a Singapore initial public offering that could raise between S$300 million and S$400 million ($309 million), valuing the surgical imaging firm at more than S$2 billion, said two sources with direct knowledge of the matter.
Bloomberg first reported the IPO on Tuesday.
The planned share sale would add momentum to Singapore’s efforts to attract high-growth companies and boost its capital markets.
The city-state led Southeast Asia in IPO proceeds in the first three quarters of 2025, supported by listings such as Centurion Accommodation REIT’s S$771 million debut in September, LSEG data shows.
Regulators have also moved to streamline IPO reviews under SGX RegCo to shorten timelines.
UltraGreen.ai, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, could be listed as early as December or the first quarter of 2026, the sources said.
The company is expected to use the IPO proceeds to support global expansion, R&D and strategic investments, among others, they added.
Citigroup and DBS Group have been appointed as advisers for the offering, according to the sources. The company has begun outreach to investors ahead of the IPO, a process commonly known as pre-marketing.
The size and timing of the IPO remain subject to market conditions and regulatory approvals, said the sources, who declined to be named because the matter was private.
UltraGreen.ai did not immediately respond to a Reuters request for comment on Tuesday. Citi and DBS declined to comment.
UltraGreen.ai describes itself as the world’s largest provider of ICG used in fluorescence-guided procedures and is developing an AI-powered surgical intelligence platform that integrates real-time imaging, quantification software and cloud-based analytics, according to its website.
The company secured a $188 million anchor investment in September led by 65 Equity Partners and Vitruvian Partners, with participation from August Global Partners, valuing the business at $1.3 billion, according to a company statement.
($1 = 1.2942 Singapore dollars)
(Reporting by Yantoultra Ngui; Editing by Kate Mayberry)
