UltraGreen.ai's stock soared up to 12% during its Wednesday trading debut following an IPO that marked Singapore's largest non-property offering since 2017.

The surgical imaging technology firm priced shares at $1.45 each, raising $400 million in its market debut. Shares settled with a 4.8% gain by closing.

UOB Kay Hian initiated coverage with a buy rating and $2 price target, citing robust profit growth potential from enhanced pricing power and geographic expansion.

UltraGreen's listing breaks the mold in Singapore's REIT-dominated market, where property trusts account for approximately 10% of exchange capitalization. The debut coincides with Singapore's push to revitalize IPO activity after years of subdued offerings.

Singapore IPOs have generated $1.9 billion in proceeds this year, potentially reaching the highest annual total since 2019. Since 2020, listings in Singapore have delivered an average first-day gain of 4.8% on a weighted basis.

Singapore IPO Activity Nears Six-Year Peak

UOB Kay Hian projects UltraGreen will achieve 22% annualized EPS growth in coming years. Analyst John Cheong noted catalysts including "strong earnings growth, attractive margins and improved price discovery."

The company plans to allocate IPO proceeds toward core product development, corporate needs, and strategic M&A to fuel global expansion.

Notable investors in the offering include Aberdeen Group and AIA Investment Management, with Citigroup and DBS Group serving as listing arrangers.