Shares of LHN surge 7% after co-living unit lodges SGX listing prospectus

[SINGAPORE] Shares of property management services company LHN jumped on Wednesday (Oct 1) morning after its co-living unit, Coliwoo, lodged a preliminary prospectus for a listing on the mainboard of the Singapore Exchange.

The counter shot up to S$0.96 at market open, and was trading at S$0.995, up 7 per cent or S$0.065 as at 9.37 am. By 10.40 am, its shares eased to S$0.985, which was still 5.9 per cent higher, before rising again to S$0.99.

The proceeds of the initial public offering will be primarily used for the asset enhancement, expansion and growth of Coliwoo, said the group. This would take place through the leasing and owning of properties in existing as well as new markets.

A portion will also go towards loan repayments and general working capital, including operating expenses such as manpower costs, marketing expenses and professional fees, reported The Business Times on Tuesday.

The property portfolio of Coliwoo comprises 25 properties in “high-demand locations” across Singapore – 11 are owned by the group, 10 are leased and four are managed by the group.  

For the first half of FY2025, the co-living unit posted a revenue of S$23.1 million and net profit of S$9.3 million. Earnings per share stood at S$0.0299, based on a pre-offering and paid-up share capital of 312.5 million shares.