Singapore co-living operator Coliwoo Holdings is looking to raise S$48.2 million (about $37.2 million) in an initial public offering (IPO) on the Singapore Exchange (SGX) mainboard, according to an announcement.
The IPO comprises 80.304 million shares, including 75 million placement shares and 5.3 million public offer shares, with an overallotment option, at S$0.60 per share, the company said after registering its prospectus with the Monetary Authority of Singapore.
The IPO opens on October 29 and will close at noon on November 4. Shares are expected to begin trading on November 6.
Separately, nine cornerstone investors have agreed to subscribe for new shares worth about S$52.8 million at the offer price.
They include Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities on behalf of certain high-net-worth clients, UOB Asset Management, Value Partners Hong Kong, and Whitefield Capital Management.
Post-offering, Coliwoo will have 480.8 million shares outstanding, implying a market capitalisation at listing of about S$288.5 million, per the announcement.
The company plans to use proceeds to expand and enhance its leased, owned, and joint-venture co-living portfolios in existing and new markets, repay loans, and fund working capital, including manpower, marketing, and professional fees.
Coliwoo’s co-living business was established in 2018 and is one of Singapore’s leading co-living operators, with a portfolio of close to 3,000 rooms located in residential clusters across the island.
Under its namesake brand, it refurbishes older, unused, and underutilised properties into co-living assets, offers communal spaces and events, leases to third-party operators, and provides property enhancement and management services.
It may also make strategic investments in property holdings or leasing entities.
Coliwoo’s IPO comes as SGX is showing green shoots after years of subdued activity, DealStreetAsia reported. The revival kicked off with data centre operator NTT DC REIT’s $773-million debut in July. It was followed by Centurion Accommodation REIT, a spinoff from Centurion Corp, which raised almost $600 million in its IPO last week.
SGX itself said in its latest earnings in August that there are over 30 companies that have already hired advisers and started preparatory listing work.
