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> raised around US$400m in its 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 background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



UltraGreen.AI (2594794D SP) raised around US$400m in its 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 background and pricing in our earlier note, in this note we talk about the trading dynamics.


UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

<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

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


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 Trading: Attractive Pricing, Strong Tailwinds

UltraGreen.AI raised $400m in Singapore IPO for its Fluorescence Guided Surgery technology, allowing doctors to see hidden body elements during...

Hong Jie Seow

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

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

​UltraGreen.AI raised $400m in Singapore IPO for its Fluorescence Guided Surgery technology, allowing doctors to see hidden body elements during...

Hong Jie Seow

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

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

UltraGreen.AI raised $400m in Singapore IPO for its Fluorescence Guided Surgery technology, allowing doctors to see hidden body elements during...

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.