The initial public offering (IPO) of co-living operator Coliwoo Holdings, was 8.2 times oversubscribed. Priced at 60 cents per share, the over 75 million placement shares to institutional, accredited and retail investors was 7.3 times subscribed, while the 5.3 million public offer shares were 20.7 times subscribed.
Maybank Securities is the issue manager and global coordinator for the offering. Maybank, DBS Bank and RHB Bank are the joint bookrunners and underwriters for the offering.
At the close of the Invitation at 12.00pm on Nov 4 a total of 2,739 valid applications,subscribing to nearly 110 million shares, were received for the public offer shares, raising about $65.9 million
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.
Coliwoo has established itself as Singapore's co-living market leader with approximately 19.5% share based on number of rooms, managing close to 3,000 rooms across 25 locations in Singapore. Its core competencies include property sourcing, design, renovation and leasing. The group also offers fully furnished residences, serviced apartments and co-living hotels for diverse lifestyles.
Coliwoo is the co-living arm of Singapore Exchange (SGX) listed LHN, a real estate services management company. Coliwoo was established in 2018 and has about 25 properties in Singapore. LHN is no stranger to spin-off listings, as it had previously spin-off listed its logistics arm LHN Logistics on the Catalist board of SGX, which has since been acquired and privatised.
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Coliwoo's strategic growth plan targets adding at least 800 rooms yearly to reach close to 4,000 rooms by end-2026, buoyed by rapid expansion in Singapore’s co-living market, which is driven by demographic shifts, international talent inflows, and supportive government policies. The company is actively pursuing capital recycling strategies whilst transitioning towards an asset-light management model through master lease agreements and management contracts.
Beyond Singapore, Coliwoo also plans to broaden its regional footprint by expanding into Jakarta, Bangkok, Kuala Lumpur, and Johor Bahru, leveraging favourable demographics and rising demand for flexible living solutions across Southeast Asia.
The IPO has successfully raised total gross proceeds of approximately $101.0 million. Coliwoo plans to use the proceeds primarily for expansion, growth and asset enhancement of its co-living business. 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.
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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.
Coliwoo executive chairman and CEO Kelvin Lim says: “We are deeply encouraged by the substantial support from investors for our IPO. This response reflects confidence in our market-leading position in Singapore's co-living sector and recognition of our established track record in delivering quality community-focused living solutions.”
He adds: “The IPO represents an important milestone as we execute our growth strategy to expand our portfolio to nearly 4,000 rooms by end-2026. The proceeds will enable us to advance key strategic priorities, including developing our pipeline properties and pursuing our asset-light transition through master lease arrangements and management contracts. With our 19.5% market share of Singapore’s co-living market and proven capabilities, we believe we are well-positioned to capitalise on favourable sector dynamics whilst delivering sustainable value for all stakeholders.”
The listing and trading of Coliwoo’s shares on the Mainboard of SGX is expected to commence at 9.00am on Nov 6 under the stock code “W8W”.
