GIC, Frasers-Backed Flexible Office Operator JustCo Files for Singapore IPO

Flexible workspace operator JustCo has lodged a preliminary prospectus for a Singapore initial public offering, joining a growing pipeline of listings seeking to tap renewed investor appetite in the city-state’s equity market.

The company, which counts sovereign fund GIC and Frasers Property among its shareholders, filed the draft prospectus with the Monetary Authority of Singapore on Thursday. The filing did not disclose the size, pricing or implied valuation of the proposed share sale, with placeholders remaining throughout the document for the number of offering shares and final offer price.

Cornerstone investors lined up for the transaction include JPMorgan Asset Management, Singapore-based Avanda Investment Management, Japan’s Amova Asset Management and Malaysia’s Maybank Securities, alongside Taiwanese backers Farglory International and Jang Dah Fibre Industrial, according to the draft prospectus.

Based in Singapore, JustCo operates 54 centres across 12 cities including Singapore, Bangkok, Tokyo, Seoul, Melbourne and Sydney, with 37,500 workstations spanning 1.9 million square feet (176,516 square metres) of net lettable area. 

Co-Living Expansion

JustCo said proceeds from the listing are intended to support continued regional expansion, technology investment, operational improvements and new business initiatives, as flexible workspace operators seek to capture demand from companies adopting hybrid working models across Asia Pacific.

Led by CEO Kong Wan Sing, the platform runs a multi-brand strategy comprising luxury-focused The Collective, premium JustCo sites and the lower-cost Boring Office concept, targeting customers ranging from startups to large corporates.

The company is also preparing to expand beyond office space into co-living, with the prospectus outlining plans for a new business line focused on managing accommodation and living spaces with shared amenities, including serviced apartments.

The move would extend the group’s flexible-space model into residential offerings aimed at mobile professionals and digitally native tenants, as operators across APAC increasingly blur the lines between workspace, hospitality and urban living in response to rising demand for integrated live-work environments.

JustCo said it served 4,035 members occupying 29,422 workstations as of 31 December, up from 3,176 members and 26,765 occupied workstations two years earlier.

The company swung to profitability in 2025, reporting net profit after tax of $2.7 million following losses of $10.1 million in 2024 and $12.5 million in 2023. Revenue climbed to $144.2 million last year from $128.2 million a year earlier and $113.8 million in 2023. Cash EBITDA rose to $13.5 million in 2025 from $6.2 million in 2024 and $3.4 million in 2023, according to the filing.

DBS and UBS are serving as joint issue managers and global coordinators for the proposed listing, while Maybank Securities is acting alongside the banks as a joint bookrunner and underwriter.

Resurgent Market

The planned offering comes amid a resurgence in proposed and completed Singapore listings of real estate companies after several subdued years for the city’s IPO market.

Recent examples include a planned vehicle backed by JD Property, Partners Group and EZA Hill, alongside UI Boustead REIT’s March debut and 2025 listings NTT DC REIT and Centurion REIT, highlighting a growing pipeline of sponsor-backed vehicles.

Blackstone’s AirTrunk hyperscale data centre platform is targeting a Singapore REIT listing in the second half of 2026, adding to expectations that digital infrastructure and alternative real estate assets could drive the city-state’s next wave of IPO activity. 

Singapore IPOs raised $1.9 billion last year and $829 million in the first quarter of 2026, according to Bloomberg data.