Profits before IPO, says founder of co-working unicorn JustCo

ASIAN co-working operator JustCo explored going public in the United States last year through merging with a blank-cheque company. But with markets now plunged into turmoil, perhaps it was just as well that a deal did not happen.

“Luckily, we didn’t do it. If we did it, today, I don’t know what our share price will be. And then I wouldn’t make Singapore proud,” said JustCo chief executive officer Kong Wan Sing, with a little laugh.

“The market is super bad right now, so my number one focus is profitability. You don’t want to go to the market and be another company that’s not profitable. Nobody will buy it, that’s for sure.”