Hsieh Fu Hua, lead independent director of newly-listed UltraGreen.ai, purchased 180,000 shares from the open market on Dec 9 at US$1.39 per share.

Hsieh, a former CEO of SGX, previously held no shares in UltraGreen.ai, which were priced at US$1.45 each during its recent IPO.

UltraGreen.ai began trading on Dec 3, initially surging to US$1.62 before declining to a low of US$1.31 on Dec 8. The stock rebounded slightly to close at US$1.42 on Dec 9.

Meanwhile, Citibank, the listing manager, acquired 2.65 million shares on Dec 9 under its post-IPO stabilization mandate, paying between US$1.37 and US$1.42 per share.

On Dec 8, amid heightened selling pressure, Citibank purchased 6 million shares at prices ranging from US$1.31 to US$1.45 each.

Earlier, on Dec 4 and 5, Citibank bought 1.82 million and 5 million shares, respectively.

As of Dec 9, a total of 15.47 million shares had been acquired under the stabilization program, out of a maximum allotment of 20.69 million shares.