Ultragreen.AI: The Green Light

157 Views07 Aug 2026 09:30

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SUMMARY

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.

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