Singapore-based flexible workspace operator JustCo has launched an initial public offering (IPO) to raise approximately $100 million ahead of its planned listing on the Mainboard of the Singapore Exchange.

The company lodged its prospectus on May 15 for an offering comprising 32.1 million new shares priced at 94 cents each, subject to an overallotment option. The IPO includes 25.8 million shares offered to institutional and other investors, and 6.3 million shares under the Singapore public offer.

Separately, institutional and strategic investors have committed about $69.8 million as cornerstone investors, representing around 70% of the total amount to be raised.

Read also: Co-working leader JustCo eyes IPO and foray into co-living sector

Cornerstone investors include Avanda Investment Management, JPMorgan Asset Management (Singapore), Fullerton Fund Management and Maybank Asset Management Singapore, among others.

Trading of JustCo shares is expected to commence on May 22.

The company said it plans to use the IPO proceeds for strategic investments, capital expenditures to support expansion into existing and new markets, general corporate purposes, and working capital.

The co-working leader had earlier said it will continue to grow its flexible workspace network while also looking to launch a new co-living business line by 2027 — starting with the premises at 160 Orchard Road. It intends to operate a mixed-use "work-live-play" concept at the property, with co-living spaces on the upper floors and flexible workspaces on the lower floors.

Founded in 2011 by brothers Kong Wan Sing, CEO, and Kong Wan Long, chief commercial officer, JustCo is backed by investors including GIC Realty and Frasers Property.

The company operates 54 flexible workspace centres across 12 cities in Asia Pacific, including Singapore, Seoul, Tokyo, Sydney and Melbourne. Its portfolio spans about 1.89 million sq ft of net lettable area and around 37,500 workstations.

For FY2025, JustCo recorded revenue of US$150.8 million and cash EBITDA of US$13.8 million, with occupancy across its portfolio at 84%.

Read also: JustCo opens first luxury co-working space in Singapore, aims to double Asia Pacific footprint

JustCo plans to open 28 new centres in 2026, focusing on Japan and selected new markets such as Hong Kong, India, Malaysia and the Philippines, as it targets expanding to more than 100 centres across 20 cities by 2029.

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