The Assembly Place opens 34.8% above IPO price in Catalist debut
[SINGAPORE] The Assembly Place rose at its Catalist debut on Friday (Jan 23), which marks the second listing of a co-living operator on the Singapore Exchange.
It commenced trading at 9 am on Friday and opened at S$0.31, 34.8 per cent or S$0.08 above its initial public offering (IPO) price of S$0.23.
The counter rose as much as 45.7 per cent above its IPO price to S$0.335 as at 9.32 am, with 10.6 million shares changing hands. By 10.40 am, it had settled to S$0.305, still 32.6 per cent above its IPO price, with some 14.9 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 The Assembly Place to subscribe for some 29.5 million new ordinary shares at the S$0.23 per share offer price. These include Apricot Capital, Asdew Acquisitions and Maybank Securities, on behalf of certain high-net-worth clients.
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The subscription exercise brought the company’s market capitalisation to an estimated S$88.1 million.
The IPO proceeds will fund the company’s expansion plans, said Eugene Lim, executive director and chief executive officer of The Assembly Place.
These include plans to reach its target of 10,000 keys by end-2030, diversify into living sectors such as worker dormitories and enter potential new markets in South-east Asia.
Established in 2019, the home-grown company began operating a community living model in 2021 as a social experiment as Lim, who comes from a real estate background, wanted to see if co-living could work in Singapore.
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.
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.
It 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.
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