[SINGAPORE] Shares of UltraGreen.ai surged 10 per cent on Wednesday (Dec 3) morning from its offer price of US$1.45, as the company debuted on the Singapore Exchange’s (SGX) mainboard.
The initial public offering (IPO) is the largest one since 2017, outside of Reit listings.
The pre-market quote was up by about 5 per cent at US$1.52, before the counter began trading at US$1.51 at market open. It subsequently climbed to US$1.60 by 9.03 am, up 10 per cent or US$0.15 from its offer price.
The group recorded a subscription rate of 4.5 times, with more than 1,000 valid applications for some 26.5 million shares, based on a balloting announcement on Tuesday.
Its Singapore public offer received about S$50.2 million in application monies, while its international offering was about 14.1 times subscribed. On a whole, the offering was around 13.6 times subscribed.
DBS and Citigroup Global Markets Singapore are the joint issue managers, joint bookrunners and underwriters of the offering.
UltraGreen.ai offered 112.1 million shares at US$1.45 or S$1.892 apiece, comprising 103.4 million new shares and 8.6 million vendor shares.
The goal was to raise net proceeds of US$141.8 million, or gross proceeds of US$150 million.
Together with the cornerstone shares, the IPO was set to raise about US$377.1 million, The Business Times reported on Nov 26.
Additionally, Temasek-backed 65 Equity Partners is following up on its pre-IPO investment.
Jingkai Yew, head of South-east Asia equity capital markets at Citi, said the listing of UltraGreen.ai marks a “new chapter for SGX”, bringing health-tech and data innovation to the forefront.
“(It) will certainly serve as encouragement for potential issuers especially in the innovation-led and new economy sectors,” he added.
Yew also flagged how the IPO coincides with early stages of rollout of the MAS Equity Market Development Programme, which has been a contributing factor to investor appetite seen on the deal, among others.
The surgical tech company develops fluorescence-guided surgery technology, and supplies indocyanine green dyes.
Its UltraGreen Data Platform, an artificial intelligence (AI)-powered perfusion quantification tool, offers real-time insights for fluorescence-guided surgery.
The platform achieves this by leveraging advanced algorithms and a cloud-based AI engine to generate critical metrics.
Notably, the board of UltraGreen.ai consists of familiar names such as Kwa Chong Seng, former SGX and ST Engineering chairman, as the non-independent non-executive chairman. Meanwhile, Hsieh Fu Hua, ex-SGX chief executive and ex-director of Grab, is the lead independent director with the group.
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