GIC, Frasers-Backed JustCo Slid 18% in SGX Debut Despite DBS Stabilising Action

Investors dumped shares in GIC- and Frasers Property-backed JustCo on the Singapore flexible workspace operator’s SGX debut last week, sending the stock nearly 18 percent below its IPO price on the first day of trading and obliging stabilising manager DBS to purchase shares in a bid to limit the damage.

JustCo shares ended Friday’s session at S$0.775, down 17.6 percent from the S$0.94 offer price, after opening at S$0.835, or 11.2 percent below the listing price. The early sell-off came after the company raised S$100 million ($78 million) through an IPO of 32.1 million offering shares and a separate cornerstone tranche, with the public and international offering said to have been 3.4 times subscribed.

DBS said in a filing on Friday that it had purchased 3.4 million JustCo shares that day at prices ranging from S$0.80 to S$0.87 as a stabilising action.

JustCo regained some ground in Monday’s trading session, rising 3.2 percent to S$0.80, leaving the stock still about 15 percent below its IPO price. The debut marked SGX’s fifth listing and second mainboard listing this year, coming two months after UI Boustead REIT’s IPO.

JP Morgan, Fullerton Among Cornerstones

JustCo had drawn commitments from nine cornerstone investors for an aggregate 74.3 million shares, equal to 70 percent of the total offering. Those backers included Avanda Investment Management, JP Morgan Asset Management, Amova Asset Management Asia and Fullerton Fund Management, along with other institutional investors.

JustCo CEO Kong Wan Sing told the Business Times ahead of the debut that the company had reached an “inflection point” after building a stronger financial position, with the IPO proceeds earmarked for strategic investments and capital expenditure in existing and new markets.

Founded in 2011, JustCo operates 54 flexible workspace centres across 12 Asia Pacific cities, including Singapore, Bangkok, Tokyo, Seoul, Melbourne and Sydney, with 37,500 workstations spanning 1.9 million square feet of net lettable area.

The company’s brands include luxury-focused The Collective, premium JustCo centres and lower-cost concept The Boring Office, as the operator targets customers ranging from startups to large corporates.

JustCo has also outlined plans to expand beyond office space into co-living, with its prospectus describing a new business line managing accommodation and living spaces with shared amenities, including serviced apartments.

The company swung to a net profit of $2.7 million in 2025 after losses of $10.1 million in 2024 and $12.5 million in 2023, while revenue rose to $144.2 million last year from $128.2 million a year earlier, according to the prospectus.

Listing Revival

JustCo’s stumble comes as Singapore’s listing market has shown signs of life after several subdued years.

Recent examples in the real estate sector include a planned vehicle backed by JD Property, Partners Group and EZA Hill, with Reuters reporting in August that the venture could comprise assets valued at more than $1 billion. UI Boustead REIT’s March debut and 2025 listings by NTT DC REIT and Centurion REIT highlighted 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.