UltraGreen.ai, a rare non-REIT listing for Singapore, jumps in market debut

Summary
Companies
Shares surge 8%
Part of IPO proceeds for product development, acquisitions
Singapore’s biggest non-REIT IPO since 2017
SINGAPORE, Dec 3 (Reuters) – Singapore’s UltraGreen.ai (ULTR.SI), opens new tab, a medical imaging company focused on fluorescence-guided surgery, surged 8% in its market debut on Wednesday after its IPO raised $400 million in the city-state’s largest non-REIT offering in eight years.
The stock was changing hands at around $1.56 in morning trade, compared to its IPO price of $1.45 and giving UltraGreen.ai a market capitalisation of $1.7 billion. At one point, it rose as much as $1.60. The benchmark Straits Times Index (.STI), opens new tab was up 0.3%.
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UltraGreen.ai develops fluorescence-guided surgery technology and supplies indocyanine green or ICG dyes. It is also building an AI-powered surgical intelligence platform.
Proceeds from the IPO will help fund development of core products, strategic acquisitions and expansion across Asia-Pacific, Europe, the Middle East and Africa.
For Singapore, where non-REIT listings are rare, the company’s successful IPO