Coliwoo’s public offer of 5.3 million shares 20.7 times subscribed

Coliwoo has drawn strong investor interest for its initial public offering (IPO), with 5.3 million public offer shares about 20.7 times subscribed.

By the close of the public offer at noon on Tuesday (Nov 4), the co-living operator had received 2,739 valid applications for the offer shares.

These applicants applied for an aggregate of 109.8 million shares, with application monies received amounting to about S$65.9 million, said Coliwoo in a bourse filing on Wednesday.

Maybank Securities is the issue manager and global coordinator for the offering, and will also be acting as the joint book runners and underwriters alongside DBS and RHB Bank.

Coliwoo had offered 80.3 million shares at S$0.60 each, including 75 million under the placement tranche.

The company said that about 547.7 million placement shares received indications of interest, resulting in the placement being around 7.3 times subscribed.

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Based on valid applications for all 80.3 million shares, the overall IPO was about 8.2 times subscribed.

The company noted that it also intends to recommend dividends of not less than 40 per cent of the group’s net profit attributable to shareholders, either as an annual dividend or an interim dividend, for the financial years of 2025 and 2026.

Coliwoo added that the offering has received “strong interest and commitment” from various institutional investors.

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It said that nine cornerstone investors – including Albizia Capital, Avanda Investment Management, UOB Asset Management and Value Partners Hong Kong – have committed to subscribe for about 88 million shares at the offering price under cornerstone subscription agreements with the company.

Eye on expansion

Coliwoo stated that its IPO has raised total gross proceeds of around S$101 million, which it plans to use to mainly expand and enhance its co-living business – both through leased properties and through owned or joint-venture projects in existing and new markets.

Part of the proceeds will also go towards loan repayments, as well as general working capital needs such as operational, marketing and professional expenses.

Coliwoo – which offers fully furnished residences, serviced apartments and co-living hotels – currently holds about 19.5 per cent of Singapore’s co-living market by number of rooms, the company said.

It manages nearly 3,000 rooms across 25 locations islandwide, with an average occupancy rate of more than 95 per cent in the first half of 2025, it added. It also said it plans to add at least 800 rooms yearly to reach close to 4,000 rooms by end-2026.

The company has plans to expand beyond Singapore into Jakarta, Bangkok, Kuala Lumpur, and Johor Bahru, “leveraging favourable demographics and rising demand for flexible living solutions across South-east Asia”.

Coliwoo’s executive chairman and chief executive officer Kelvin Lim said that the IPO represents an important milestone for his company, and the support it has received from investors is a “recognition of our established track record in delivering quality community-focused living solutions”.