SINGAPORE, Nov 19 (Reuters) – UltraGreen.ai Ltd, a medical imaging and fluorescence-guided surgery company, is aiming to raise about $400 million in a Singapore initial public offering at $1.45 per share, according to a term sheet reviewed by Reuters on Wednesday.
The company, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, plans to list on the Singapore Exchange Mainboard on Dec. 3. It will report in U.S. dollars.
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The company is building an AI-powered surgical intelligence platform, according to its website.
At the offer price, UltraGreen.ai would debut with a market capitalisation of about $1.6 billion on 1.103 billion shares on issue.
Singapore tops Southeast Asia’s IPO market with nine deals raising about US$1.6 billion so far this year, driven by major REIT listings and supported by market reforms and lower rates, according to Deloitte. UltraGreen.ai’s IPO would rank among the largest non-REIT listings in the city state in recent years.
The IPO comprises a $237.5 million cornerstone tranche and a $162.5 million base offering, with an over-allotment option of up to $30 million.
The company did not immediately respond to an email request seeking comment.
Cornerstone investors include abrdn Asia, AIA Investment Management, Eastspring Investments, HSBC Global Asset Management and Lion Global Investors, among others.
Renew Group Private Ltd will pare its stake to 61.9% post-offer if no greenshoe shares are placed, and to 60.1% if fully exercised. The free float is guided at up to 23.4% before the greenshoe, the sheet showed.
The IPO proceeds will fund development of the company’s products such as ICG and the IC-Flow Imaging System, strategic acquisitions and expansion across Asia-Pacific, Europe, the Middle East and Africa, as well as general corporate purposes.
Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Shri Navaratnam
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Yantoultra Ngui is the Southeast Asia Deals Correspondent of Reuters in Singapore, covering M&A and capital market activities in a region that is fast emerging as one of the world’s biggest economies. He previously was a reporter at Bloomberg and The Wall Street Journal (WSJ). Notably, he was part of WSJ’s team that covered the financial scandal at Malaysian state fund 1MDB, and that won SOPA Excellence in Breaking News award for the coverage of the assassination of Kim Jong Nam, the half-brother of North Korea’s leader Kim Jong Un, in Malaysia in 2018. Yantoultra graduated with an MBA in Finance from Universiti Putra Malaysia (UPM) in 2010.
UltraGreen.ai aims to raise $400 million in Singapore IPO, term sheet shows
