SINGAPORE — 13 December 2025 — UltraGreen.ai Limited stock is back on investors’ radar this weekend after two market-moving developments landed within 24 hours: insider buying by a well-known independent director and confirmation that post‑IPO share price stabilisation has been completed. The combination matters because it closes one of the most important “technical” chapters in any newly listed stock—while also giving the market a fresh signal about board-level confidence. [1]
UltraGreen.ai shares closed at US$1.43 on 12 December, slightly below the US$1.45 IPO price, according to multiple market reports and data services. [2]
What’s the latest news on UltraGreen.ai stock today
In an update published Saturday morning (Singapore time), The Edge Singapore reported that independent director Hsieh Fu Hua—a former SGX CEO—bought 120,000 shares at US$1.44 on 12 December, bringing his total holdings to 300,000 shares after an earlier purchase on 9 December. [3]
More consequential for near-term trading dynamics, the same report said Citibank (as IPO stabilising manager) bought 1,519,700 shares on 12 December at US$1.43 to US$1.45, and that the IPO managers have now bought all 20,689,700 shares under the post‑listing stabilisation mandate—meaning the over‑allotment option (greenshoe) will not be exercised. [4]
That “stabilisation completed” line is the kind of small sentence that can change a stock’s feel: a stabilising manager can act as a steady bid during the earliest trading days, and once finished, the share price tends to reflect pure supply‑and‑demand more starkly.
UltraGreen.ai share price: where it stands versus the IPO
UltraGreen.ai listed on SGX earlier this month at an IPO price of US$1.45 and initially traded higher, but the first two weeks have been choppy:
- The stock closed its first trading day (3 Dec) at US$1.52, after opening above the offer price. [5]
- It later slipped below the IPO price, finishing the week of 5 December at US$1.44, with reports noting it briefly peaked at US$1.62 earlier in the debut week. [6]
- It reached US$1.38 on 8 December, cited as the lowest close so far in early post‑IPO trading. [7]
- As of 12 December, it closed at US$1.43, according to The Edge and MarketScreener data. [8]
For investors screening “new listings,” this is a familiar pattern: a strong debut pop, then a digestion phase as early positioning settles and IPO mechanics (like stabilisation) run their course.
Why this IPO mattered in the first place
UltraGreen.ai’s offering drew attention because it was one of the more significant non‑property listings to hit Singapore’s market in years.
The company said its IPO attracted 13.6× total subscription and indications of interest, with US$237.5 million in cornerstone commitments from 16 investors and US$162.5 million raised in gross proceeds from the offering, bringing total proceeds to about US$400 million. [9]
A Reuters report on the trading debut described UltraGreen.ai as a Singapore-based medical imaging company focused on fluorescence‑guided surgery, noting the IPO raised US$400 million and valued the company at about US$1.7 billion during early trading. [10]
The greenshoe in plain English (and why it’s now done)
A standard IPO tool is the over‑allotment option (often called a greenshoe). In UltraGreen.ai’s case, disclosure documents show the stabilising manager over‑allotted 20,689,700 shares, covered by shares borrowed from a major shareholder (Renew Group Private Limited), and the stabilising manager could then buy shares in the market to “cover” that position. [11]
Now, according to today’s reporting, those purchases have fully covered the over‑allotted amount, and the over‑allotment option won’t be exercised. [12]
What UltraGreen.ai does: the fundamentals behind ULG stock
UltraGreen.ai positions itself as a global player in fluorescence-guided surgery (FGS), where surgeons use near‑infrared imaging and fluorescent dye to see blood flow and tissue perfusion in real time.
A company IPO press release describes UltraGreen as a leader in ICG‑based fluorescence imaging, with flagship ICG products marketed as IC‑GREEN® in the U.S. and Verdye® outside North America, and says ICG is used in approximately 95% or more of certain FGS procedures globally, supported by extensive clinical publications and studies. [13]
In the same materials, the company highlights plans to advance an UltraGreen Data Platform, including AI-based PerfusionWorks quantification software intended to support real-time perfusion assessment and surgical decision-making. [14]
In a CNA interview on listing day, CEO Ravinder Sajwan explained the company’s model in practical terms—selling ICG dye and pairing it with accessible imaging hardware—while also noting UltraGreen is building an AI platform to analyze real-time data during procedures. [15]
Market position claims investors are watching closely
A Business Times report summarising UOB Kay Hian’s initiation of coverage cited Frost & Sullivan research indicating UltraGreen.ai is the world’s largest supplier of ICG, with about 68% market share by vials sold and 63% revenue share in 2024. [16]
That matters because “boring but dominant” supply positions—especially in healthcare where regulatory and manufacturing barriers exist—often underpin strong margins and cash generation when defended successfully.
Forecasts and analyst outlook as of 13 Dec 2025
1) UOB Kay Hian initiates with a “buy” and US$2 target
UOB Kay Hian initiated coverage with a “buy” call and a US$2.00 target price, pegging valuation to a 26× P/E on FY2026 projections, and arguing UltraGreen trades at a discount versus peers. [17]
The same report highlights UOBKH’s expectations for three-year CAGR (FY2024–FY2027) of 21% revenue and 22% earnings, driven by higher procedure volumes, growing adoption in Asia-Pacific, and premium pricing. [18]
2) MarketScreener consensus: still thin coverage, but the same US$2 target
MarketScreener’s consensus page shows one analyst covering the stock, with a “BUY” mean recommendation and an average target price of US$2.00, versus a last close of US$1.43 (about +39.86% implied upside). [19]
The “one analyst” detail is crucial: early in a listing’s life, forecasts can be directionally useful but are also fragile—one revised model can shift “consensus” dramatically.
3) Model-based growth tables point to rising sales and profits (but treat as estimates)
Simply Wall St’s future page (noting low analyst coverage) presents estimates showing revenue and earnings rising through 2027, with figures that align broadly with the “high growth” narrative—but these are still forecasts, not results. [20]
What investors will watch next now that stabilisation has ended
Post-stabilisation trading: fewer training wheels
With stabilisation complete, UltraGreen.ai stock may trade with more day-to-day sensitivity to institutional flows, retail sentiment, and news cadence. In other words: fewer “mechanical” supports, more “real” price discovery.
Insider buying: a meaningful signal, but not a guarantee
Insider purchases—especially from independent directors—often get attention because they can signal confidence. But markets can be rude: insider buying improves alignment optics, yet it does not immunise a stock from volatility, macro risk-off moves, or valuation compression.
Execution catalysts that could re-rate the stock
Based on company statements and interviews, investors will likely track:
- Expansion across Asia-Pacific, Europe, the Middle East and Africa, which the company has said is a use of proceeds. [21]
- Rollout of the UltraGreen Data Platform and AI software (PerfusionWorks), which could change the valuation story from “dye supplier” to “data and workflow platform.” [22]
- Any updates on product strategy and adoption drivers in Asia, including the lower-cost imaging approach described by management. [23]
The Nasdaq angle: plausible, but management frames it as “later”
Both CNA and The Edge have reported management comments on a potential future U.S. listing. CEO Ravinder Sajwan indicated that a Nasdaq listing would require “meaningful value” and a stronger data story first, positioning SGX as the credibility-and-visibility base while the platform matures. [24]
Separately, Reuters has reported Singapore’s push to ease SGX–Nasdaq dual listings, with a “dual listing bridge” expected by mid‑2026—context that keeps the topic alive for high-growth issuers with global ambitions. [25]
Key risks for UltraGreen.ai stock to keep in view
Even with bullish targets, UltraGreen.ai is a newly listed healthcare/medtech name—so the risk checklist is real:
- Technical support has ended: stabilisation is complete, potentially increasing volatility. [26]
- Liquidity and concentration: disclosure documents indicate a large controlling stake held by the founder/CEO post-listing, which can affect free float dynamics and trading behaviour. [27]
- Regulatory and adoption complexity: healthcare adoption can be slow, and product ecosystems depend on hospital budgets, training, and clinical workflow integration—factors that are harder to forecast than simple consumer demand curves. [28]
- Narrative risk: the market must decide whether it values UltraGreen.ai primarily as a high-margin ICG supplier, a broader imaging ecosystem player, or an emerging AI surgical data platform—and those narratives carry very different multiples.
Bottom line
As of 13 December 2025, UltraGreen.ai Limited stock (SGX: ULG) sits in the classic post‑IPO crossroads: the early enthusiasm has cooled into a tight range near the offer price, the stabilisation program has now ended, and analysts have begun sketching a bull case around market dominance in ICG and a potential software/platform expansion story. [29]
For investors, the next phase will likely be defined less by IPO mechanics and more by execution milestones, adoption signals, and earnings delivery—the parts of the story that can’t be stabilised by anyone with a trading mandate.
References
1. www.theedgesingapore.com, 2. www.theedgesingapore.com, 3. www.theedgesingapore.com, 4. www.theedgesingapore.com, 5. www.businesstimes.com.sg, 6. www.straitstimes.com, 7. www.businesstimes.com.sg, 8. www.theedgesingapore.com, 9. ultragreen.sgp1.digitaloceanspaces.com, 10. www.reuters.com, 11. links.sgx.com, 12. www.theedgesingapore.com, 13. ultragreen.sgp1.digitaloceanspaces.com, 14. ultragreen.sgp1.digitaloceanspaces.com, 15. www.channelnewsasia.com, 16. www.businesstimes.com.sg, 17. www.businesstimes.com.sg, 18. www.businesstimes.com.sg, 19. www.marketscreener.com, 20. simplywall.st, 21. ultragreen.sgp1.digitaloceanspaces.com, 22. ultragreen.sgp1.digitaloceanspaces.com, 23. www.channelnewsasia.com, 24. www.channelnewsasia.com, 25. www.reuters.com, 26. www.theedgesingapore.com, 27. links.sgx.com, 28. www.channelnewsasia.com, 29. www.theedgesingapore.com
