GIC-Backed JustCo Shares Fall in Singapore Debut

Dow Jones05-22

By Megan Cheah

Shares of GIC-backed JustCo fell in their Singapore trading debut on Friday.

The stock dropped as much as 10% to 0.845 Singapore dollar, from the initial public offering price of S$0.94. Shares later pared losses to trade 9.0% lower.

The workspace operator raised around S$100 million, equivalent to US$78.2 million, in its sale of around 32.1 million IPO shares and 74.3 million cornerstone shares at S$0.94 each.

Under the IPO, the international offering of around 25.8 million shares was 3.6 times subscribed, while the remaining shares under the Singapore public offering were 2.7 times subscribed.

The workspace operator, backed by Singapore sovereign wealth fund GIC and real-estate company Frasers Property, aims to use the net proceeds from the IPO to support its expansion overseas, including in Japan.

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

JustCo is the second company to list on the Singapore stock market's mainboard this year, after UI Boustead Real Estate Investment Trust listed in March.

The city-state this year stepped up plans to revive its equities market, expanding its main reform program to S$6.5 billion as it seeks to draw more listings.

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

(END) Dow Jones Newswires

May 21, 2026 22:52 ET (02:52 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Shares later pared losses to trade 9.0% lower. \n\n\n  The workspace operator raised around S$100 million, equivalent to US$78.2 million, in its sale of around 32.1 million IPO shares and 74.3 million cornerstone shares at S$0.94 each. \n\n\n  Under the IPO, the international offering of around 25.8 million shares was 3.6 times subscribed, while the remaining shares under the Singapore public offering were 2.7 times subscribed. \n\n\n  The workspace operator, backed by Singapore sovereign wealth fund GIC and real-estate company Frasers Property, aims to use the net proceeds from the IPO to support its expansion overseas, including in Japan. \n\n\n  DBS and UBS Singapore were among the banks advising JustCo on the IPO. \n\n\n  JustCo is the second company to list on the Singapore stock market's mainboard this year, after UI Boustead Real Estate Investment Trust listed in March. \n\n\n  The city-state this year stepped up plans to revive its equities market, expanding its main reform program to S$6.5 billion as it seeks to draw more listings. \n\n\n \n\n\n  Write to Megan Cheah at megan.cheah@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 21, 2026 22:52 ET (02:52 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","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":true,"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":"4.43.1","shortVersion":"4.43.1","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/2637245364","isCrawlerRequest":true}