Latham Advises UltraGreen.ai on US$400 Million IPO

Latham & Watkins has advised UltraGreen.ai, a global leader in the fluorescence-guided surgery space, on its US$400 million initial public offering (IPO) on the Singapore Exchange (SGX). Latham also acted for Renew Group as selling shareholder in connection with the offering. The transaction represents the largest non-trust IPO in Singapore in a decade.

The offering comprises an international offering of 106,206,100 shares at the offering price of US$1.45 per share and a Singapore public offering of 5,862,100 shares at the Singapore public offering price of S$1.892 per share. In addition, Renew Group has granted the underwriters an over-allotment option to purchase up to an aggregate of 20,689,700 shares at the offering price. At the same time as but separate from the offering, 16 cornerstone investors entered into separate cornerstone investment agreements to purchase an aggregate of 163,793,900 shares from Renew Group at the offering price.

The Latham team was led by Singapore partner Sharon Lau, with associates Kelly Teoh, Kay Howe Lee, and Zheyi Feng. Advice was also provided on US healthcare regulatory matters by Washington, D.C. partner Elizabeth Richards, with Bay Area partner Betty Pang, Washington, D.C associate Evan Miller, and San Diego associate Hannah Chi; on EU and UK healthcare regulatory matters by Paris partner Eveline Van Keymeulen, with associate Alexis Vaujany and London associate Oliver Mobasser; on data privacy and cybersecurity matters by Bay Area partner Heather Deixler, with associate Sarah Zahedi; on US tax matters by New York partner Aaron Bernstein and Chicago partner Rene de Vera; and on regulatory matters by Chicago partner Laura Ferrell, with associates Jennifer Tian and Micaela Lucero Little.