UltraGreen.ai: A Top-Performing Singapore IPO in Healthtech

UltraGreen.ai (UGAI SP) is a global market leader in its niche in the healthtech sector, with superior profit margins and a strong growth profile. The company is the world’s largest supplier of indocyanine green (ICG), commanding 68% of global vial volume share and 63% revenue share in 2024 across 68 markets. Its dominance is underpinned by high regulatory barriers, exclusive supply agreements for active pharmaceutical ingredients, and entrenched relationships with contract manufacturing organisations. Its consumables-led business model delivers high profitability, with gross margin of 85% and net margin of 37% in 1H25, reflecting strong pricing power and manufacturing efficiency. We forecast a 22% earnings CAGR over 2024–27 and maintain a BUY rating with a target price of US$2.00.

Join us on 19 Jan via webinar to learn more about UltraGreen’s growth drivers, competitive advantages, and investment outlook.

Speaker's Profile:

Ravi Sajwan, CEO & Executive Director of UltraGreen.ai

Mr Sajwan responsibilities include providing strategic oversight and business relations of our Group. A seasoned serial entrepreneur, Mr Sajwan has been involved with and/or founded four startups, each achieving successful exits. Prior to joining our Group, he co-founded Ample Communications, Inc. in 2000, where he served as Chief Technical Officer until 2008.

Before that, he was the co-founder and Chief Technical Officer of Acclaim Communications, established in 1995. His entrepreneurial journey began with the co-founding of Network Synthesis, Inc. in 1994. Mr Sajwan held senior technical roles at StrataCom Inc. from 1989 to 1994 and served as Architect at Integrated Telecom Technology, Inc. between 1996 and 1998. He also contributed as a Chief Technical Officer to Level One Communications Inc. from 1998 to 1999, where he played a key role in shaping the company’s technical vision and long-term strategy. Mr Sajwan is also a director and the Chief Executive Officer of RGPL, where he has overseen the development of innovative healthcare solutions designed to improve patient care globally.

Mr Sajwan also currently serves on the boards of LifeSignals Group, Inc., Smart Energy Systems Inc., iPaySmart Inc., iGreenTree.ai Inc., and New York University Tandon School of Engineering. Mr Sajwan holds a Master of Science, Electrical Engineering from New York University Tandon School of Engineering (formerly Polytechnic Institute of New York, USA).

Eamon Lynch, Chief Financial Officer of UltraGreen.ai

As CFO, Mr Lynch has direct oversight of finance, reporting, controls, and risk management. He was previously Commercial Finance Manager at DAA plc, Finance & Treasury Manager at Cosgrave Property Group, and Audit Senior at Deloitte.

He holds a Bachelor of Commerce from University College Dublin and a Master of Accounting from UCD Smurfit Graduate School of Business. He became a Fellow of the Institute of Chartered Accountants in Ireland in 2007 and obtained a Diploma in IFRS in 2013.