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-private-limited" target="_blank" data-smartkarma-citation="entities:46023:1" rel="noopener">UltraGreen.AI (2594794D SP)</a> is looking to raise US$400m in its upcoming Singapore IPO.</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>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
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.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


UltraGreen.ai IPO: High Growth and High Margins, Market Leader

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultragreen-ai-private-limited" target="_blank" data-smartkarma-citation="entities:46023:1" rel="noopener">UltraGreen.AI (2594794D SP)</a> is looking to raise US$400m in its upcoming Singapore IPO.</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 look at the company’s past performance.</li>
</ul>



UltraGreen.AI (2594794D SP) is looking to raise US$400m in its upcoming Singapore IPO.
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 look at the company’s past performance.


UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>UltraGreen.AI has filed for a Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.</li>
<li>The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.</li>
<li>Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.</li>
</ul>


UltraGreen.AI has filed for a Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.
The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.
Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.


UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is set to hog the limelight this week with pricing set to be announced on the 4th of June</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) is set to hog the limelight this week with pricing set to be announced on the 4th of June
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, busy season remains in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals and looked at some of the upcoming likely deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, busy season remains in full swing going into the year end.
On the placements front, there were a few large deals and looked at some of the upcoming likely deals.


ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

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)

UltraGreen.ai IPO: High Growth and High Margins, Market Leader

UltraGreen.AI is set to raise US$400m in its Singapore IPO, known for its Fluorescence Guided Surgery technology that enhances visibility during...

Hong Jie Seow

UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding

UltraGreen.AI is set to raise US$400m in its Singapore IPO, showcasing its expertise in Fluorescence Guided Surgery and past performance.

Hong Jie Seow

UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth

UltraGreen.AI, a leading global player in fluorescence-guided surgery has filed for Singapore IPO. The IPO will consist of fresh issue as well as...

Tina Banerjee

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UltraGreen.ai IPO: High Growth and High Margins, Market Leader

​UltraGreen.AI is set to raise US$400m in its Singapore IPO, known for its Fluorescence Guided Surgery technology that enhances visibility during...

Hong Jie Seow

UltraGreen.ai Pre-IPO: Strong Financials Despite Misleading Branding

​UltraGreen.AI is set to raise US$400m in its Singapore IPO, showcasing its expertise in Fluorescence Guided Surgery and past performance.

Hong Jie Seow

UltraGreen.AI Pre-IPO: Dominant Market Position Amid Favorable Industry Tailwind to Drive Growth

UltraGreen.AI, a leading global player in fluorescence-guided surgery has filed for Singapore IPO. The IPO will consist of fresh issue as well as...

Tina Banerjee

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

UltraGreen.AI is set to raise US$400m in its Singapore IPO, known for its Fluorescence Guided Surgery technology that enhances visibility during...

UltraGreen.AI is set to raise US$400m in its Singapore IPO, showcasing its expertise in Fluorescence Guided Surgery and past performance.