GIC-Backed JustCo Seeks to Raise $78.1 Million in Singapore IPO

Dow Jones05-18

By Megan Cheah

SINGAPORE--Workspace operator JustCo plans to raise around US$78.1 million in an initial public offering, as it looks to expand its overseas operations.

The company, backed by Singapore sovereign-wealth fund GIC, aims to sell around 32.1 million shares at S$0.94 each, JustCo said in a prospectus registered Friday. Around 25.8 million shares will be offered to institutional and other investors while the remainder will be for the Singapore public.

Cornerstone investors such as JPMorgan Asset Management (Singapore) and Japan's Amova Asset Management have also agreed to separately subscribe for around 74.3 million shares at the same price. Securing cornerstone support before an IPO usually helps to boost both institutional and retail demand.

Based on its total share capital, JustCo will have a market capitalization of S$459.9 million, equivalent to US$359.1 million, immediately after the offering is completed and cornerstone shares are issued, and assuming an overallotment option is exercised in full. The offering is expected to close on Wednesday, while shares are set to start trading Friday.

The workspace operator, also backed by Singapore-listed real-estate company Frasers Property, aims to use the net proceeds from the IPO to support its expansion overseas, especially in Japan.

JustCo offers flexible workspaces across Asia Pacific, with different brands targeting three broad segments--startups, small-and-medium enterprises and large companies, it said. Its office formats include co-working spaces with hot desks and private offices.

DBS and UBS Singapore are among the banks advising JustCo on the IPO.

JustCo is set be the second company to list on Singapore Exchange's mainboard this year, after UI Boustead Real-Estate Investment Trust's March listing following its US$764 million IPO. It also comes after the city-state said it would pour S$6.5 billion into a program to beef up its equities market, seeking to draw more IPOs amid a dearth of new listings.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

May 18, 2026 03:23 ET (07:23 GMT)

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GIC-Backed JustCo Seeks to Raise $78.1 Million in Singapore IPO

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