JustCo makes SGX debut following $100m offering

It targets expansion to over 100 centres by 2029.

Flexible workspace operator JustCo has debuted on the Singapore Exchange (SGX) following a $100m initial public offering (IPO) aimed at funding regional expansion.

The Singapore-headquartered company is offering 32.1 million shares at S$0.94 each, including 6.3 million shares through a public offer. Separately, JustCo has secured cornerstone investors for 74.3 million shares.

Gross proceeds from the offering and cornerstone issuance are expected to total $100m, with approximately $92.2m accruing to the company.

JustCo said around $81.7m in net proceeds will be allocated toward strategic investments and capital expenditure to support expansion in both existing and new markets.

Founded in Singapore, JustCo operates 54 centres across 12 cities, including Singapore, Tokyo, Seoul and Sydney, with approximately 37,500 workstations spanning 1.89 million square feet.

The company operates a multi-brand platform targeting startups, SMEs and large corporates through its brands The Collective, JustCo and the boring office. It counts major international firms amongst its clients, including Coupang, DiDi, General Electric, Klook, Moderna, Palo Alto Networks, Pinterest, Tencent and Zeekr.

JustCo aims to operate more than 100 centres across over 20 cities by 2029.

According to the IPO prospectus, the company believes it is well-positioned to benefit from the continued growth of the APAC flexible office market. Flexible office penetration rates in APAC currently stand at 5.9%, significantly below developed markets such as Central London, where penetration has reached 10.6%.

JustCo said its current and planned markets, excluding Hong Kong, account for approximately 70% of the evaluated APAC markets’ 2024 GDP, excluding mainland China.

For the financialy year 2025, JustCo posted revenue of US$144.2m, up 12.5% year-on-year, driven by stronger occupancy and growth in its Japan business. Cash EBITDA margin improved to 9.4% from 3.0% in 2023.

The company also plans to expand into new markets including Hong Kong, India, Malaysia and the Philippines to broaden its regional footprint.

JustCo said it remains debt-free, with approximately US$104m in cash as of Dec. 31, 2025.

The company highlighted several risks in its IPO prospectus, including challenges in securing suitable properties for expansion and exposure to medium- to long-term lease commitments despite shorter customer membership terms.

JustCo also noted that lease renewals and management contracts could be subject to higher rental rates and increased competition from other office tenants.