JustCo at The Centrepoint. Together with $69.8 million in cornerstone commitments, the IPO raised about $100 million in total. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
JustCo, which operates flexible workspaces across the Asia Pacific and is eyeing a listing on the Singapore bourse, drew strong demand for its initial public offering (IPO), with the overall offering 3.4 times subscribed.
The international tranche, which comprised a placement to institutional and other investors, attracted indications of interest of about 3.6 times, while the Singapore public offer was 2.7 times subscribed at the close of applications at noon on May 20.
The public offer received 1,069 valid applications for nearly 17 million shares, representing about $15.9 million in demand for the 6.3 million shares on offer.
Together with $69.8 million in cornerstone commitments, the IPO raised approximately $100 million in total, the Singapore-based firm announced on May 21.
Kong Wan Sing, executive chairman and CEO of JustCo, said the subscription results reflected market confidence in the business and operational track record.
He added that the company is "now at an inflection point" and intends to execute a strategic expansion plan as a listed company.
This year, JustCo plans to open 28 new centres — four of which have already been launched, with a core focus on Japan.
These would bring its total operational footprint to about 78 centres by end-2026, ahead of its longer-term target of more than 100 centres in roughly 20 cities by 2029 while targeting premier commercial districts and up-and-coming urban areas in the Asia Pacific region.
As it grows its flexible workspace network, the company will also enter the co-living sector. JustCo plans to manage part of the premises at 160 Orchard Road, owned by OG, as both a co-working centre and a co-living space. The co-living component is expected to be operational by 2027.
Read also: Co-working leader JustCo eyes IPO and foray into co-living sector
Trading of JustCo shares on the Singapore Exchange’s Mainboard will start at 9am on May 22.
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