The Assembly Place opens 37% above IPO price in Catalist debut

[SINGAPORE] The Assembly Place (TAP) rose at its Catalist debut on Friday (Jan 23), which marks the second listing of a co-living operator on the Singapore Exchange (SGX).

It commenced trading at 9 am on Friday with the stock code TAP and opened at S$0.315, 37 per cent or S$0.085 above its initial public offering (IPO) price of S$0.23, with some 3.7 million shares changing hands.

By 9.05 am, it was trading at S$0.32, 39.1 per cent above its IPO price, with some 6.1 million shares transacted.

On Thursday, the company announced that the public tranche of its IPO was 35.5 times subscribed, drawing 1,125 valid applications – amounting to 71.1 million shares – for the two million shares offered at S$0.23 apiece.

Together with the placement tranche of some 48.3 million shares, which were 3.9 times subscribed, it offered a total of 50.3 million invitation shares.

Separately, cornerstone investors have entered into subscription agreements with TAP to subscribe for some 29.5 million new ordinary shares at the S$0.23 offer price.

These include Apricot Capital, Asdew Acquisitions, Cache Capital, ICH Synergrowth Fund and Maybank Securities, on behalf of certain high net worth clients.

Established in 2019, the home-grown company started to operate its community living model in 2021.

With around 3,422 keys across 100 properties, the company said it has the largest market share in terms of number of keys within the co-living operator sector in Singapore, which comprised some 30 players as at September 2025.

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Its earnings for H1 2025 rose to S$1.2 million from S$400,000 in the year-ago period, as its revenue for the half-year stood at S$11.6 million, up from S$8.1 million previously.

Its recorded an overall revenue of S$18.9 million for FY2024, up from S$6.9 million in FY2022. Its net profit stood at S$6.2 million in FY2024, an increase from S$300,000 in FY2022.