If you have walked through a modern office building in Singapore, Tokyo or Seoul in recent years, there is a good chance you have passed a JustCo centre without realising it. Since 2011, the company has built one of the largest co-working networks in the Asia Pacific.
This marks a notable turnaround from the Covid-19 years, when many questioned the future of offices and shared workspaces. In office-centric Asia, flexible workspaces have proven more resilient than expected.
The company listed on the Singapore Exchange (SGX) Mainboard on Friday, 22 May 2026 and opened at $0.835. It ended the day at $0.775, 17.6 per cent or S$0.165 below its IPO price of $0.94
So, what should investors know about JustCo (SGX: JCO) and its growth plans before investing in the company?
#1 JustCo Started With A Single Office At Samsung Hub
JustCo was founded in 2011 in Singapore by Kong Wan Sing and Kong Wan Leong, who started the business from a 3,000 sq ft space at Samsung Hub in Singapore’s CBD. The idea came from their own experience using flexible offices in Southeast Asia.
Today, JustCo operates 54 centres across 12 cities, including Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo.
In total, it has about 1.89 million sq ft of net lettable area, with capacity for around 37,500 workstations.
#2 GIC And Frasers Property Are Its Two Largest Shareholders
JustCo’s two most prominent shareholders are GIC and Frasers Property. GIC, Singapore’s sovereign wealth fund, currently holds a 29.06% stake, while Frasers Property holds 22.52%.
Both investors first came in together in 2018 through a joint investment of $177 million, aimed at accelerating JustCo’s regional expansion across the Asia Pacific. Frasers Property later increased its stake to 22.5% in May 2024. After the IPO, GIC’s stake is expected to fall to around 22.7% following the issuance of new shares.
#3 Raising $100 Million At 94 Cents Per Share
For its listing, JustCo lodged its final offer document with the Monetary Authority of Singapore (MAS) on 15 May, pricing 32.1 million new shares at $0.94 each.
The offering raised gross proceeds of $100 million and net proceeds of $92.2 million.
Of the shares offered, 25.8 million are for institutional investors, while 6.3 million are allocated to the Singapore public.
Based on its offer price, JustCo’s estimated market capitalisation is just under $460 million.
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#4 Cornerstone Investors Took Up About 70% Of The Offering
Before retail investors applied, the IPO was already substantially covered. Cornerstone investors committed to subscribing for 74.3 million new shares at the offer price, making up about 70% of the total offering.
These investors include JPMorgan Asset Management, Avanda Investment Management, Amova Asset Management from Japan, Fullerton Fund Management and Maybank Asset Management.
#5 JustCo Only Turned Profitable In 2025
JustCo posted a net profit of US$2.7 million for the financial year ended 31 December 2025. This was the first time the company recorded an annual profit.
The two years before that were loss-making, with a net loss of US$10.1 million in 2024 and US$12.5 million in 2023. Revenue rose from US$128.2 million in 2024 to US$144.2 million in 2025, a 12.5% increase.
The company also reported about US$104 million in cash as at end-2025, with no outstanding external bank debt.
#6 JustCo Serves Different Types Of Customers
JustCo does not operate just one type of workspace.
It has three workspace concepts under its umbrella. Its flagship JustCo brand focuses on premium co-working spaces for enterprise clients.
THE COLLECTIVE targets the luxury end of the market for companies that want more than a standard shared office.
The Boring Office, as its name suggests, goes in the opposite direction. It offers a no-frills workspace at a more accessible price point for cost-conscious start-ups and smaller teams.
Large corporate customers accounted for more than 53% of occupied workstations at the end of 2025. Its clients include Moderna, Tencent, Coupang, General Electric and Grant Thornton.
#7 IPO Proceeds Will Fund Regional Expansion
JustCo plans to use the net proceeds to fund growth across the Asia Pacific.
The company intends to open 28 new centres in 2026, adding 13,800 workstations and 689,000 sq ft of net lettable area.
Its expansion is focused on three areas: deepening its presence in Japan, entering new markets such as Hong Kong, India, Malaysia and the Philippines, and scaling up in existing markets.
JustCo is also expanding its higher-margin management contract model. Under this model, it manages centres on behalf of property owners instead of signing direct leases. This helps reduce the amount of capital needed for expansion.
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