JustCo completed its initial public offering (IPO) by offering around 32.1 million shares at S$0.94 each, raising approximately S$100 million including cornerstone investor commitments of about S$69.8 million [1, 2]. The shares included about 6.3 million in the Singapore public offer and 25.8 million in the international placement [3, 1, 2]. The overall IPO was 3.4 times subscribed, with the international placement 3.6 times subscribed and the Singapore offer 2.7 times subscribed [3, 1, 2].
The company’s shares began trading on the Singapore Exchange (SGX) mainboard today, May 22, 2026 [3, 4, 5, 1, 2]. Despite strong subscription, the shares opened below the IPO price, trading between S$0.83 and S$0.85, representing a decline of about 9.6% to 11% from the offer price [4, 5, 1, 2]. By market close, the shares dropped about 17.6% below the IPO price, finishing near S$0.775 [5, 2].
JustCo is backed by cornerstone investors including GIC and Frasers Property, which hold 29.1% and 22.5% ownership stakes respectively after the IPO [4, 5, 1, 2]. Founded in 2011 by Kong Wan Sing and others in Singapore, JustCo operates flexible workspace centers across 12 cities in the Asia-Pacific region, hosting approximately 54 locations with 37,500 workstations [5].
CEO Kong Wan Sing expressed confidence despite the initial share price drop, saying, "We intend to execute a well-calibrated strategic expansion plan. As we begin this new chapter as a publicly listed company, we remain focused on growth, and delivering long-term value to our members, partners and shareholders" [5, 2].
Pol de Win, Head of Global Sales and Origination at SGX, called the listing "a milestone" as JustCo is the first pure flexible office space operator listed on the exchange. He added that JustCo’s IPO underscores Singapore’s role as a regional business hub [5, 2].
On May 20, the Singapore public offer closed with 1,069 valid applications, signing up about 17 million shares and achieving 2.7 times subscription [3, 1, 2]. JustCo announced the IPO completion and subscription results on May 21 [3, 4]. The shares officially listed and traded today, closing lower than the IPO price [4, 5, 1, 2].
