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SINGAPORE, Nov 4 (Reuters) - UltraGreen.ai has started pre-marketing for a Singapore initial public offering that could raise between S$300 million and S$400 million ($309 million), valuing the surgical imaging firm at more than S$2 billion, said two sources with direct knowledge of the matter. Sign up here. The planned share sale would add momentum to Singapore's efforts to attract high-growth companies and boost its capital markets. The city-state led Southeast Asia in IPO proceeds in the first three quarters of 2025, supported by listings such as Centurion Accommodation REIT's S$771 million debut in September, LSEG data shows. Regulators have also moved to streamline IPO reviews under SGX RegCo to shorten timelines. UltraGreen.ai, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, could be listed as early as December or the first quarter of 2026, the sources said. The company is expected to use the IPO proceeds to support global expansion, R&D and strategic investments, among others, they added. The size and timing of the IPO remain subject to market conditions and regulatory approvals, said the sources, who declined to be named because the matter was private. UltraGreen.ai did not immediately respond to a Reuters request for comment on Tuesday. Citi and DBS declined to comment. UltraGreen.ai describes itself as the world's largest provider of ICG used in fluorescence-guided procedures and is developing an AI-powered surgical intelligence platform that integrates real-time imaging, quantification software and cloud-based analytics, according to its website. The company secured a $188 million anchor investment in September led by 65 Equity Partners and Vitruvian Partners, with participation from August Global Partners, valuing the business at $1.3 billion, according to a company statement. ($1 = 1.2942 Singapore dollars) Reporting by Yantoultra Ngui; Editing by Kate Mayberry Our Standards: The Thomson Reuters Trust Principles., opens new tab 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.
