Coliwoo Holdings, the coliving business spun off from LHN Group, closed at 58.5 cents on its first day of trading on Nov 6.
The company debuted on the mainboard of the Singapore Exchange (SGX) at 61.5 cents, 2.5% above its initial public offering price (IPO) of 60 cents.
Its highest intra-day trading price was also 61.5 cents.
Coliwoo’s IPO was 8.2 times oversubscribed. The 75 million placement shares by institutional, accredited and retail investors was 7.3 times subscribed, while the 5.3 million public offer shares were 20.7 times subscribed.
Cornerstone investors include Albizia Capital, Avanda Investment Management (on behalf of certain investment funds and/or managed accounts), 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. The aggregate number of shares for this segment amounted to nearly 88 million.
The IPO raised total gross proceeds of approximately $101.0 million, which Coliwoo plans to use primarily for expansion, growth and asset enhancement of its co-living business.
See also: LHN sees room to grow via spin-off listing and several expansion plans
These include expanding in existing and new markets through leased properties, owned and joint venture properties. The proceeds will also be used to repay loans and for general working capital purposes.
Coliwoo intends to recommend and distribute dividends of not less than 40% of the group’s earnings, after adding back listing expenses and excluding fair value gains/losses on owned and joint venture investment properties, impairment/write-off assets, non-recurring and one-off items, whether as an annual dividend or an interim dividend, for FY2025 and FY2026.
Maybank Securities, as stabilising manager in respect of Coliwoo's IPO, has on Nov 6 purchased 700,000 shares at 58.5 cents per share.
Shares in Coliwoo Holdings closed at 58.5 cents on Nov 6.
