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. 

Global Healthcare Analyst

Tina Banerjee

<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 (ULG SP)</a> ended 2025 on a strong note, with 24% YoY revenue growth, underpinned by volume growth and improved pricing internationally. 2025 marks third consecutive year of margin expansion.</li>
<li>UltraGreen expects 19–33% revenue growth in 2026. This outlook is driven by underlying business expansion, full-year impact of pricing initiatives implemented in 2025, and further penetration into new markets.</li>
<li>Going ahead, UltraGreen will focus on maintaining existing leadership in key markets and expanding its global reach, with tailored marketing and distribution strategies. Portfolio enhancement will be another growth driver.</li>
</ul>



UltraGreen.AI (ULG SP) ended 2025 on a strong note, with 24% YoY revenue growth, underpinned by volume growth and improved pricing internationally. 2025 marks third consecutive year of margin expansion.
UltraGreen expects 19–33% revenue growth in 2026. This outlook is driven by underlying business expansion, full-year impact of pricing initiatives implemented in 2025, and further penetration into new markets.
Going ahead, UltraGreen will focus on maintaining existing leadership in key markets and expanding its global reach, with tailored marketing and distribution strategies. Portfolio enhancement will be another growth driver.


UltraGreen.AI (ULG SP): Strong Performance for 2025; Eyeing for Accelerated Growth in 2026

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

<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

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

UltraGreen.AI (ULG SP): Strong Performance for 2025; Eyeing for Accelerated Growth in 2026

UltraGreen reports strong 2025 performance with 24% revenue growth, driven by both volume and price. The company expects 2026 revenue growth to be...

Tina Banerjee

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

UltraGreen.AI (ULG SP): Strong Performance for 2025; Eyeing for Accelerated Growth in 2026

​UltraGreen reports strong 2025 performance with 24% revenue growth, driven by both volume and price. The company expects 2026 revenue growth to be...

Tina Banerjee

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

UltraGreen reports strong 2025 performance with 24% revenue growth, driven by both volume and price. The company expects 2026 revenue growth to be...

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