The Business Times Podcasts S2E423: UltraGreen.ai makes US$150 million IPO in Singapore, OCBC shares break new record
Dec 3, 2025
Asian markets displayed mixed results as investors awaited crucial US data. The Indian rupee weakened past 90 per dollar, raising concerns amidst trade discussions. UltraGreen.ai made a splash with a stunning SGX debut, raising US$150 million and achieving a $1.6 billion market cap with a 12% surge. Meanwhile, OCBC shares soared to new heights, hitting S$18.97, buoyed by impressive wealth management performance. Tune in for a recap of these exciting market movements!
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Trade Tensions Weigh On The Rupee
- The Indian rupee weakened past 90 per US dollar amid trade tension and high tariffs that keep dollar demand strong.
- That pressure has spilled into equities, with the Nifty 50 down and forecasts the rupee could weaken further without a trade deal.
Fed Cut Expectations Drive Market Moves
- Markets are pricing in an initial Fed rate cut next week and three more in 2026, shaping global asset moves today.
- Asian equities and currencies reacted unevenly to those expectations, with winners like Japan and Korea and losers like China and India.
UltraGreen.ai Posts Major Singapore IPO
- UltraGreen.ai's IPO raised US$150 million and was the largest non-REIT listing in Singapore since 2017, debuting with about US$1.6 billion market cap.
- Shares jumped from the offer price and led Singapore market action on the SGX trading debut.