By Bernadette Toh and Dave Sebastian<\/strong><\/p>\n (Bloomberg) \u2014 UltraGreen.ai\u2019s shares jumped as much as 12 per cent in their trading debut Wednesday after an initial public offering that was the biggest in Singapore since 2017 outside real estate investment trusts.<\/p>\n The company, which provides fluorescence technology used in surgical imaging, had priced shares at $1.45 apiece and raised $400 million in its debut. The shares closed 4.8 per cent higher on their first day of trading.<\/p>\n UOB Kay Hian Pte initiated coverage with a buy call and price target of $2, as it sees strong profit growth driven by improving pricing power and expanding geographies.<\/p>\n UltraGreen\u2019s listing stands out in a market known for REITs, which make up around 10% of the Singapore exchange\u2019s market capitalisation, according to the REIT Association of Singapore. It also comes at a time when the city-state is looking to boost its fundraising activity, after years of a dearth in IPOs.<\/p>\n Singapore IPOs have raised $1.9 billion so far this year, on track for the highest proceeds since 2019, according to data compiled by Bloomberg. Listings in the island nation have generated a first-day pop of 4.8 per cent on a weighted-average basis since 2020, the data show.<\/p>\n