Co-living business Coliwoo Holdings is offering 80,304,000 ordinary shares or 80.304 million ordinary shares at a price of 60 cents per offering share in relation to its initial public offering (IPO) on Oct 28.
A placement of 75,004,000 offering shares and a public offering of 5,300,000 offering shares will make up the 80,304,000 ordinary shares offered.
Coliwoo is set to raise about $96.21 million in net proceeds from the offering and issuance of cornerstone shares.
Coliwoo, which is a co-living business operated by LHN Group since 2018, is seeking to expand its portfolio to close to 4,000 rooms in Singapore by the end of 2026, up from the 2,933 rooms at present. It also plans to expand into high-potential, regional markets across Southeast Asia such as Jakarta, Bangkok, Kuala Lumpur and Johor Bahru.
Upon completion of the IPO, Coliwoo’s controlling shareholder which is LHN Group will hold in aggregate about 65% of the issued share capital of the company.
Concurrently but separate from the offering, each cornerstone investor has entered into a cornerstone agreement with Coliwoo to subscribe for 87,996,000 cornerstone shares at the offering price.
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The cornerstone investors in Coliwoo are Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Securities, UOB Asset Management, Value Partners Hong Kong and Whitefield Capital Management.
Coliwoo’s board of directors will comprise Kelvin Lim, executive chairman and CEO; Yeo Swee Cheng, non-executive and non-independent director; Ng Lak Chuan, lead independent director; Caroline Chan, independent director; and Kevin Low, independent director.
Darren Loh will be COO, Chong Ching Yeng will be CCO and Joelle Teo will be financial controller.
Coliwoo’s revenue for the FY2024, FY2023 and FY2022 was $52.2 million, $28 million and $15.3 million respectively. Revenue for the 1HFY2025 was $23.1 million. Earnings for these periods stood at $33.9 million, $10.5 million and $33.5 million respectively.
Coliwoo had cash and cash equivalents of about $28.4 million and indebtedness of about $252.5 million as at end August 2025. It generated net cash from operating activities of about $15.4 million and $10.6 million for FY2024 and 1HFY2025 respectively.
