APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultragreen-ai-limited" target="_blank" data-smartkarma-citation="entities:46023:1" rel="noopener">UltraGreen.ai (UGAI SP)</a> raised US$400m in its Singapore IPO in December 2025.</li>
<li>Ultragreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



UltraGreen.ai (UGAI SP) raised US$400m in its Singapore IPO in December 2025.
Ultragreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Ultragreen IPO Lockup Expiry - US$1.05bn Lockup Release

Value Investing Zoomer, Value Zoomer

Value Zoomer

Value Investing Zoomer

I love investing, this is my little personal diary.

Equity Bottom-Up

<ul><li>It has been almost a year since my last writeup of a Singaporean stock, as market reforms have resulted in positive revaluations across the exchange reducing the opportunity set.</li><li>On the bright side, a very interesting new company took the opportunity to IPO on the SGX in December last year which I believe is underappreciated in its business quality and prospects.</li><li>Ultragreen.AI ($ULG.si) is weirdly not an AI company, instead it is the world’s largest producer of Indocyanine Green (ICG), the fluorescent dye injected during surgery to illuminate blood flow, perfusion and tissue margins. </li></ul>

It has been almost a year since my last writeup of a Singaporean stock, as market reforms have resulted in positive revaluations across the exchange reducing the opportunity set.On the bright side, a very interesting new company took the opportunity to IPO on the SGX in December last year which I believe is underappreciated in its business quality and prospects.Ultragreen.AI ($ULG.si) is weirdly not an AI company, instead it is the world’s largest producer of Indocyanine Green (ICG), the fluorescent dye injected during surgery to illuminate blood flow, perfusion and tissue margins. 

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals.</li><li>Kopernik Global Investors increased its stake in Golden Agri-Resources to 7.07% through acquisitions, reflecting institutional conviction.</li><li>HealthBank Holdings raised S$2.67 million through a share placement to finance new businesses and strategic investments.</li></ul>

Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals.Kopernik Global Investors increased its stake in Golden Agri-Resources to 7.07% through acquisitions, reflecting institutional conviction.HealthBank Holdings raised S$2.67 million through a share placement to finance new businesses and strategic investments.

LC Capital Extends PC Partner Position; Rich Placement

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>UltraGreen.ai Limited is a Singapore-headquartered global leader in Fluorescence- Guided Surgery (FGS), commercializing Indocyanine Green (ICG) —the world's most widely used surgical fluorescence imaging agent, alongside a proprietary near-infrared imaging system and AI-powered quantification software platform, with operations spanning the United States, Europe, and Asia-Pacific.</li><li>UltraGreen.ai Limited represents a rare, pure-play opportunity in the global leader of FGS. Commanding 68% of global ICG vial volume and 63% revenue share — ~6.8x its nearest competitor’s vial volume share and ~2.6x its revenue share, respectively.</li><li>UltraGreen's dominance is reinforced by decade-long regulatory moats, entrenched Active Pharmaceutical Ingredients (API) supply agreements with qualified contract manufacturers, and over 6 million vials sold since 2015.</li></ul>

UltraGreen.ai Limited is a Singapore-headquartered global leader in Fluorescence- Guided Surgery (FGS), commercializing Indocyanine Green (ICG) —the world's most widely used surgical fluorescence imaging agent, alongside a proprietary near-infrared imaging system and AI-powered quantification software platform, with operations spanning the United States, Europe, and Asia-Pacific.UltraGreen.ai Limited represents a rare, pure-play opportunity in the global leader of FGS. Commanding 68% of global ICG vial volume and 63% revenue share — ~6.8x its nearest competitor’s vial volume share and ~2.6x its revenue share, respectively.UltraGreen's dominance is reinforced by decade-long regulatory moats, entrenched Active Pharmaceutical Ingredients (API) supply agreements with qualified contract manufacturers, and over 6 million vials sold since 2015.

Ultragreen.ai Ltd (ULG.SI / UGAI SP): Global ICG Leader: High Margins, Structural Growth

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as IC-GREEN in the US and Verdye outside North America.</li><li>The company has built that franchise through regulatory approvals, distribution reach, supply-chain control and surgeon adoption rather than through software monetization.</li><li>The right first-order framing is a high-margin consumables business with medtech workflow support, not a software platform first. </li></ul>

UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as IC-GREEN in the US and Verdye outside North America.The company has built that franchise through regulatory approvals, distribution reach, supply-chain control and surgeon adoption rather than through software monetization.The right first-order framing is a high-margin consumables business with medtech workflow support, not a software platform first. 

UltraGreen.ai Limited: Initiating Coverage Report

Singapore

UltraGreen.ai is a global leader in fluorescence-guided surgery (FGS), specializing in the development, contracted manufacture, and commercialization of indocyanine green (ICG) fluorescence agents. The company also provides the IC-Flow Imaging System and the UltraGreen Data Platform, which incorporates AI-powered PerfusionWorks quantification software for real-time surgical insights. Headquartered in Singapore, the company was incorporated in 2024.

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UltraGreen.ai (UGAI SP)

Aequitas: Ultragreen IPO Lockup Expiry - US$1.05bn Lockup Release

UltraGreen.ai (UGAI SP) raised US$400m in Singapore IPO, a global leader in Fluorescence Guided Surgery, with focus on lockup dynamics and...

Hong Jie Seow

Ultragreen.AI: The Green Light

It has been almost a year since my last writeup of a Singaporean stock, as market reforms have resulted in positive revaluations across the...

Value Zoomer

LC Capital Extends PC Partner Position; Rich Placement

Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals. Kopernik Global...

Singapore Exchange Ltd (SGX)

Ultragreen.ai Ltd (ULG.SI / UGAI SP): Global ICG Leader: High Margins, Structural Growth

UltraGreen.ai Limited is a Singapore-headquartered global leader in Fluorescence- Guided Surgery (FGS), commercializing Indocyanine Green (ICG)...

uSMART Securities

UltraGreen.ai Limited: Initiating Coverage Report

UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as...

ICAM

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Aequitas: Ultragreen IPO Lockup Expiry - US$1.05bn Lockup Release

​UltraGreen.ai (UGAI SP) raised US$400m in Singapore IPO, a global leader in Fluorescence Guided Surgery, with focus on lockup dynamics and...

Hong Jie Seow

Ultragreen.AI: The Green Light

It has been almost a year since my last writeup of a Singaporean stock, as market reforms have resulted in positive revaluations across the...

Value Zoomer

LC Capital Extends PC Partner Position; Rich Placement

Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals. Kopernik Global...

Singapore Exchange Ltd (SGX)

Ultragreen.ai Ltd (ULG.SI / UGAI SP): Global ICG Leader: High Margins, Structural Growth

UltraGreen.ai Limited is a Singapore-headquartered global leader in Fluorescence- Guided Surgery (FGS), commercializing Indocyanine Green (ICG)...

uSMART Securities

UltraGreen.ai Limited: Initiating Coverage Report

UltraGreen is best understood as a fluorescence-guided surgery company whose current earnings base sits in indocyanine green, or ICG, sold as...

ICAM

UltraGreen.ai (UGAI SP) raised US$400m in Singapore IPO, a global leader in Fluorescence Guided Surgery, with focus on lockup dynamics and...