Singapore’s LHN Seeks to Raise $78M From IPO of Co-Living Unit Coliwoo

LHN Group on Tuesday filed a prospectus for the listing of the developer’s Coliwoo arm on the Singapore Exchange, aiming to raise gross proceeds of S$101 million ($78 million) from the initial public offering of the local co-living business.

Coliwoo Holdings Ltd is offering 80.3 million shares at S$0.60 per share in the IPO, according to the prospectus. The public offer opened Wednesday and will close on 4 November, with shares to begin trading on the SGX at 9am on 6 November.

In addition, Coliwoo will issue nearly 88 million new shares to its cornerstone investors, including Maybank Securities, UOB Asset Management and Hong Kong’s Value Partners, at the same offer price for an aggregate of S$52.8 million. LHN, led by chairman Kelvin Lim, expects a post-IPO market capitalisation of S$288.5 million for the to-be-listed company, which owns, leases or manages 25 properties across Singapore.

“Our strategy is to expand our portfolio to close to 4,000 rooms in Singapore by the end of 2026, up from 2,933 rooms as at the latest practicable date,” Coliwoo said. “This growth will be driven by a combination of upcoming developments, master lease agreements and management contracts. Through these initiatives, we aim to strengthen brand presence, and reinforce our position as Singapore’s leading co-living operator.”

Pipeline on Track

In addition to expanding the co-living business in both existing and new markets, Coliwoo plans to use the IPO proceeds for loan repayment and general working capital purposes, including operating expenses like manpower costs, marketing expenditures and professional fees.

The company intends to distribute at least 40 percent of attributable profit as dividends for fiscal 2025 and 2026, excluding non-cash gains or losses and non-recurring items. The business recorded a net profit in the first half of 2025 of S$9.6 million, up 14.8 percent from a year earlier, according to the prospectus.

Coliwoo touted what it termed a “healthy pipeline” of upcoming projects, including two developments at 141 Middle Road in Rochor and 260 Upper Bukit Timah Road on track to generate revenue in 2026.

The company also plans to convert a state-owned property at 159 Jalan Loyang Besar in the Pasir Ris area into a resort-style chalet with 350 rooms by the second quarter of 2026, as well as complete an upscale boutique hotel with 120 rooms at 50 Armenian Street by transforming the former office building by 2027.

Property Offerings Out Front

The listing comes after LHN established a separate entity last December to hold its rental residential business. The group applied for the Coliwoo IPO in April and received shareholder approval in September.

Property-related share offerings have led the way on the SGX in the second half of 2025, with data centre trust NTT DC REIT raising $773 million in July in the Lion City’s biggest REIT IPO in more than a decade. The REIT’s initial 90.7-megawatt portfolio comprises six properties valued at a combined $1.57 billion.

In September, Centurion Corp raised more than $600 million in the IPO of Centurion Accommodation REIT, with a seed portfolio consisting of 14 purpose-built accommodation projects with an agreed value totalling S$1.8 billion.