GIC, Frasers Property-backed co-working operator JustCo files preliminary prospectus for SGX listing

The Edge Singapore05-07

Over the years, JustCo has received backing from GIC, which holds 29.06% and Frasers Property, which has a stake of 22.52%Co-working operator JustCo has lodged its preliminary prospectus for a listing...

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The company was started by Kong Wan Sing back in 2011 with just one office in a 3,132 sq ft space at Samsung Hub.\nJustCo now operates 54 centres across 12 cities, namely Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo. From this total net leasable area of 1.89 million sq ft, JustCo is able to offer space for around 37,500 workstations.\nIn an interview with The Edge Singapore in February, Kong laid down ambitions to double the company’s market presence in the next three years across its three brands — The Boring Office, a no-frills space with just the essentials; the flagship premium brand JustCo; and its luxury concept The Collective.\nAccording to Kong, who holds the executive chairman title, he plans to bring the JustCo brand to new markets India, Malaysia, the Philippines, Hong Kong, Dubai and Saudi Arabia.\nProceeds raised from the listing will be used to fit out and expand NLA by 689,000 sq ft in FY2026 and another 281,000 sq ft in FY2027.\nOver the years, the company has received backing from GIC, which holds 29.06% and Frasers Property, which has a stake of 22.52%.\nFor this IPO, JustCo has attracted cornerstone investors the likes of Avanda Investment Management, JPMorgan Asset Management, Amova Asset Management and Maybank Asset Management.\nIn FY2025, the company turned a profit of US$2.7 million, swinging from a loss of US$10.1 million in the year earlier. Revenue in the same period increased by 12.5% to US$144.2 million in FY2025.\nDBS and UBS are the joint issue managers and global coordinators for the listing and DBS, UBS and Maybank Securities are the joint bookrunners and underwriters.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2633175864","isCrawlerRequest":true}