SINGAPORE – Flexible workspace operator JustCo is seeking a mainboard listing on the Singapore Exchange (SGX), becoming the latest company to tap renewed investor interest in Singapore listings amid a broader push to revive the local equities market.
The Singapore-founded co-working operator lodged its preliminary prospectus with the Monetary Authority of Singapore on May 7, although details such as the size of the offering, pricing and implied valuation have yet to be disclosed.
JustCo is positioning itself as a regional office platform benefiting from a shift towards hybrid work arrangements and demand for flexible office space across Asia-Pacific.
It is now seeking fresh capital through the initial public offering to fund its next phase of expansion across Asia.
Founded in Singapore in 2011, JustCo operates 54 centres across 12 cities including Singapore, Tokyo, Seoul, Sydney and Bangkok, with about 37,500 workstations and nearly 1.9 million sq ft of office space across the region.
The company, which counts start-ups, small businesses and large corporations among its customers, has been expanding beyond traditional co-working into premium office concepts under brands such as The Collective and JustCo.
In Singapore, it launched The Collective at Labrador Tower in February, backed by increasing demand from family offices and financial institutions.
In an interview with The Straits Times in February, JustCo chief executive Kong Wan Sing said the future of work lies in giving employees the flexibility to work from anywhere, supported by technology and conducive workspaces.
While the pandemic transformed traditional office habits, he believes physical workplaces still play an important role as spaces for collaboration, meetings and discussions, even if workers no longer observe the traditional five-day office routine.
In its prospectus, JustCo said it believes Asia-Pacific remains a major growth market for flexible workspaces as companies increasingly seek shorter leases, decentralised offices and more scalable workplace arrangements.
The company has already opened four new centres in 2026 across Singapore, India and Taiwan as it continues expanding its regional footprint.
It is coming to market after posting better financial results in recent years.
The company recorded a net profit of US$2.7 million (S$3.4 million) for 2025, reversing losses of US$10.1 million in 2024 and US$12.5 million in 2023. Revenue rose to US$150.8 million in 2025, up from US$113.8 million two years earlier.
Most of Justco’s revenue comes from membership-related fees, with customers typically signing fixed-term or recurring subscription contracts, according to the prospectus.
It also derives some revenue from service-related fees, including pay-per-use products for non-members, while the remaining 1 per cent was derived from management fee income tied to management services and contracts.
Its occupancy rate improved to 84 per cent in 2025 from 78 per cent in 2023.
JustCo added that it had about US$104 million in cash as at end-2025 and no outstanding external bank debt.
The company has also secured backing from several cornerstone investors, which have agreed to subscribe for 74.3 million shares ahead of the listing.
These include fund managers selected under a government-led initiative to invest $6.5 billion in the Singapore stock market, such as JPMorgan Asset Management, Amova Asset Management, Fullerton Fund Management and Avanda Investment Management.
DBS and UBS are acting as joint issue managers and global coordinators for the offering, while Maybank Securities is also among the underwriters.
