GIC-backed JustCo aims to raise $100 mil from IPO to fund expansions

Gerine Tang Yi Qian05-15

GIC-backed co-working operator JustCo is seeking to raise gross proceeds of $100 million and net proceeds of $92.2 million at 94 cents per share in an initial public offering (IPO) on SGX.GIC-backed ...

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The proceeds raised will be used to fund expansion plans in existing and new markets, as well as for working capital. \nThe proceeds raised will go toward the “additional net lettable area (NLA) of 179,000 sq ft in Japan, 192,000 sq ft in new markets across Hong Kong, India, Malaysia and the Philippines, as well as 318,000 sq ft in existing markets”, says CEO and founder Kong Wan Sing.\nThe offer of nearly 32.09 million units in total consists of the international placement tranche of around 25.79 million units and a retail tranche of 6.3 million units.\nIn addition, nine cornerstone investors are taking up nearly 74.2 million units. They are Farglory International Investment, Jang Dah Fibre Industrial, Avanda Investment Management, JPMorgan Asset Management (Singapore), Amova Asset Management Asia, Maybank Asset Management Singapore, Maybank Securities, Fullerton Fund Management and Wei Chun Chieh. \nThe offer opens on May 15 and will close at noon on May 20. Trading will begin at 9am on May 22.\nJustCo plans to open 28 new centres in 2026, adding 13,800 workstations, which is equivalent to 689,000 sq ft of NLA, according to the prospectus lodged with the Monetary Authority of Singapore (MAS) on May 15. \n“Take-up of flex space has grown by more than 50% across the Asia Pacific from over 50 million sq ft in 2022 to over 80 million sq ft in 1H2025. And by next year, this [number] will grow to more than 100 million sq ft,” says Kong in a media briefing on May 15. \n“The take-up space versus penetration is still very low at an average 5.9%, whereas in the US and the UK — the penetration rate is already at more than 10%... We have been in this business for 15 years with a focus on Asia Pacific… So we think we can ride on this opportunity,” says Kong.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","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/2635032661","isCrawlerRequest":true}