JustCo, the Singapore-based co-working space operator, filed a preliminary prospectus on Thursday (May 7) for a mainboard listing on the Singapore Exchange (SGX), seeking to capitalise on a return to profitability and improving occupancy rates.
The company posted a net profit of $2.7 million for the year ended Dec. 31, 2025, reversing a loss of $10.1 million in the previous year, according to its prospectus. Revenue rose 12.5% to $144.2 million.
JustCo attributed the turnaround to higher occupancy levels and a growing contribution from management contracts, which require less capital than traditional lease arrangements. Occupancy across its portfolio climbed to 84% in 2025 from 78% a year earlier.
Ahead of the offering, cornerstone investors subscribed for 74.3 million shares, including funds managed by JPMorgan Asset Management, Amova Asset Management, Maybank Asset Management, Maybank Securities, Fullerton Fund Management and Avanda Investment Management.
GIC Realty, which holds investments on behalf of GIC Real Estate, a wholly owned unit of Singapore sovereign wealth fund GIC, and Frasers Property are JustCo’s controlling shareholders, with stakes of 29.1% and 22.5%, respectively.
The company did not disclose the size or timing of the initial public offering.
Founded in 2011, JustCo operates 54 workspace centres across 12 Asia-Pacific cities, spanning about 1.9 million square feet of net lettable area and roughly 37,500 workstations, according to the filing. The group had 4,035 members occupying 29,422 workstations as of Dec. 31.
Membership-related fees accounted for 88% of revenue in 2025, with most contracts structured on fixed-term or recurring subscriptions. Service-related fees contributed 11%, while management fees made up the remainder.
The company said it plans to open 28 new centres in 2026, expanding its footprint to 78 locations, as it seeks growth in both existing and new markets.
Japan is expected to remain a core focus given resilient office demand and growing adoption of flexible workspaces, the company said. JustCo expects to add about 179,000 square feet of net lettable area and around 3,600 workstations in the country through its current pipeline.
The company is also targeting expansion into markets including Hong Kong, India, Malaysia and the Philippines, which are expected to contribute an additional 192,000 square feet of net lettable area and about 3,900 workstations.
Across its existing markets, JustCo plans to add another 318,000 square feet of net lettable area and around 6,300 workstations as it looks to defend and grow market share.
The group said it intends to balance traditional leasing arrangements, which offer higher growth potential, with management contracts that provide stronger capital efficiency.
