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Company plans SGX market debut on December 3

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Cornerstone investors commit $237.5 mln

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One of the largest non-REIT IPOs in SGX

(Adds more information from term sheet and prospectus from

paragraph 2 onward)

By Yantoultra Ngui

SINGAPORE, Nov 19 (Reuters) - UltraGreen.ai Ltd, a

medical imaging and fluorescence-guided surgery company, is

aiming to raise about $400 million in a Singapore initial public

offering at $1.45 per share, according to a term sheet reviewed

by Reuters on Wednesday.

The company, which develops fluorescence-guided surgery

technology and supplies indocyanine green (ICG) dyes, plans to

list on the Singapore Exchange Mainboard on Dec. 3. It will

report in U.S. dollars.

The company is building an AI-powered surgical intelligence

platform, according to its website.

At the offer price, UltraGreen.ai would debut with a market

capitalisation of about $1.6 billion on 1.103 billion shares on

issue.

Singapore tops Southeast Asia's IPO market with nine deals

raising about US$1.6 billion so far this year, driven by major

REIT listings and supported by market reforms and lower rates,

according to Deloitte. UltraGreen.ai's IPO would rank among the

largest non-REIT listings in the city state in recent years.

The IPO comprises a $237.5 million cornerstone tranche and a

$162.5 million base offering, with an over-allotment option of

up to $30 million.

The company did not immediately respond to an email request

seeking comment.

Cornerstone investors include abrdn Asia, AIA Investment

Management, Eastspring Investments, HSBC Global Asset Management

and Lion Global Investors, among others.

Renew Group Private Ltd will pare its stake to 61.9%

post-offer if no greenshoe shares are placed, and to 60.1% if

fully exercised. The free float is guided at up to 23.4% before

the greenshoe, the sheet showed.

The IPO proceeds will fund development of the company's

products such as ICG and the IC-Flow Imaging System, strategic

acquisitions and expansion across Asia-Pacific, Europe, the

Middle East and Africa, as well as general corporate purposes.

Citigroup ( C/PN ) and DBS are the joint issue

manager and sole global coordinator, joint bookrunner and

underwriter for the offering, according to the company's

prospectus.