Co-living operator The Assembly Place opens 34.8% above IPO price in Catalist debut
It rises 45.7% above its initial public offering price to S$0.335 in early trade
[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. It had eased to S$0.295 by the midday trading break, still 28.3 per cent above its IPO price, with 15.8 million shares transacted.
This follows the close of its IPO on Wednesday, when some 50.3 million invitation shares were offered at S$0.23 apiece.
The offering comprised a public tranche of two million shares which was 35.5 times subscribed, drawing 1,125 valid applications for 71.1 million shares, alongside a placement tranche of around 48.3 million shares, which was 3.9 times subscribed.
Separate from the 50.3 million invitation shares, cornerstone investors 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 invitation and cornerstone tranches raised net proceeds of around S$10.8 million.
The IPO proceeds will be used to fund the company’s expansion plans and for general working capital purposes.
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.
With around 3,422 keys across 100 properties, the company was, as at December 2025, operating six brands and five living sectors. These are the residential co-living sector, hotels and serviced apartments, students’ accommodation, the inter-generational living sector and foreign healthcare professionals’ accommodation.
The group also plans to expand its portfolio by onboarding property assets through direct lease arrangements with property owners, joint ventures and strategic alliances, as well as mergers and acquisitions.
Its 34 per cent market share of the Singapore co-living sector, which comprised some 30 players as at September 2025, is the largest among operators in terms of number of keys, the group said.
The company has an upcoming pipeline of 610 keys, including 544 keys in Singapore and a 66-key hotel in Kuala Lumpur.
Established in 2019, the home-grown company began operating a community living model in 2021 as a social experiment; its executive director and chief executive officer Eugene Lim, who comes from a real estate background, wanted to see if co-living could work in Singapore.
Its earnings for H1 2025 rose to S$1.2 million from S$400,000 in the year-ago period; 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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