NAME: Ultragreen.ai’s $400 million IPO
LAW FIRMS: Allen & Gledhill, Latham & Watkins, Skadden, Arps, Slate, Meagher & Flom
JURISDICTION: Singapore
PRACTICE AREA: Capital markets
INDUSTRY SECTOR: Technology and telecommunications
Singapore-based Ultragreen.ai's $400 million initial public offering (IPO) on the Singapore Exchange is our Deal of the Month for December.
The company has completed Singapore’s largest non-REIT IPO in eight years, marking the third-largest listing in the city-state for 2025. The transaction comes at a pivotal time for Singapore's capital markets, with the exchange implementing reforms to attract more listings, including initiatives to facilitate dual listings with Nasdaq and modernise post-trade custody systems. The deal contributes to Singapore's leading position in Southeast Asia's IPO market, which has seen nine deals raising approximately $1.6 billion this year.
This landmark offering demonstrates SGX's growing appeal for technology and healthcare companies, potentially paving the way for more deep-tech issuers seeking access to Asian capital markets.
Latham & Watkins and Allen & Gledhill advised Ultragreen.ai, with Latham's team led by partner Sharon Lau and A&G's team comprising partners Tze Gay Tan, Rhys Goh and Kern Wong. Skadden, Arps, Slate, Meagher & Flom represented the joint underwriters Citigroup and DBS, with partners Rajeev Duggal and Jonathan Stone leading the team.