The Assembly Place’s IPO 35.5 times subscribed ahead of Catalist debut

Co-living operator The Assembly Place’s initial public offering (IPO) was 35.5 times subscribed on Thursday (Jan 22), ahead of its debut on the Singapore Exchange’s Catalist board the next day.

There were 1,125 valid applications totalling 71.1 million shares for the two million public offer shares available at S$0.23 apiece, the company said.

Including the 48.3 million placement shares on offer – which were 3.9 times subscribed – the co-living operator offered a total of 50.3 million invitation shares.

Entities or persons who applied for and were allocated 5 per cent or more of the invitation shares include Avanda Investment Management and Lion Global Investors, with 4.4 million shares each. Three other individuals were allotted 4.4 million, 3.2 million and 2.6 million shares, respectively.

For the public offer, applicants seeking between 100,000 and 249,000 shares were the most successful, accounting for 38.3 per cent of the shares allocated. A total of 85 applicants in this category were allotted 9,000 shares each.

The least successful were those who applied for between one million and two million shares, with four applicants allotted 15,000 shares each.

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Separate from the 50.3 million invitation shares, several cornerstone investors – including Apricot Capital, Asdew Acquisitions and Cache Capital – subscribed for a further 29.5 million shares at the same price.

In total, the subscription exercise gives The Assembly Place an estimated market capitalisation of S$88.1 million.

The company plans to use net proceeds of S$10.8 million – from gross proceeds of S$18.3 million – for portfolio expansion, co-investments to acquire minority stakes in entities holding property assets, and general working capital, including manpower costs.

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Shares of The Assembly Place will begin trading at 9 am on Friday. The listing comes a day after customer experience platform Toku’s debut, with its shares closing 14 per cent above the IPO price at S$0.285 on Thursday.

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