HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>UltraGreen.ai's IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.</li>
<li>For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.</li>
<li>The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai's valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.</li>
</ul>


UltraGreen.ai's IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai's valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.


Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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.

<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

Singapore

UltraGreen.AI Private Limited operates as a surgical imaging technology development company. The Company develops indocyanine green fluorescence for injection, imaging system, quantification software, imaging software for visualization, and AR glasses. UltraGreen.AI serves health care sector in Singapore.

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UltraGreen.AI (ULG SP)

Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

The IPO pricing is a little expensive to us. As analyzed, UltraGreen.ai's valuation jumped 23% from its September 2025 funding round ($1.3 billion)...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

The IPO pricing is a little expensive to us. As analyzed, UltraGreen.ai's valuation jumped 23% from its September 2025 funding round ($1.3 billion)...

Xinyao (Criss) Wang

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

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.