Coliwoo opens at S$0.615, 2.5% above IPO price

[SINGAPORE] Co-living business Coliwoo opened at S$0.615 on its listing debut on Thursday (Nov 6) on the Singapore Exchange, about 2.5 per cent above its initial public offering (IPO) price.

At market open, shares of Coliwoo were trading at S$0.615, before easing back to S$0.60 by 9.03 am. As at 9.14 am, its shares had dipped by around 1 per cent to S$0.595.

Coliwoo had offered 80.3 million shares at S$0.60 each, including 75 million under a placement tranche.

For its IPO, the company’s 5.3 million public offer shares were about 20.7 times subscribed. At the close of the public offer at noon on Tuesday, the co-living operator had received 2,739 valid applications for the offer shares.

Maybank Securities was the issue manager and global coordinator for the offering, and acted as the joint book runners and underwriters alongside DBS and RHB Bank. 

The company said that about 547.7 million placement shares received indications of interest, resulting in the placement being around 7.3 times subscribed.

It added that its IPO raised total gross proceeds of around S$101 million. It plans to use the funds to mainly expand and enhance its co-living business – both through leased properties and via owned or joint-venture projects in existing and new markets. 

A part of the proceeds will also go towards loan repayments, as well as general working capital needs such as operational, marketing and professional expenses.

The company also noted that it intends to recommend dividends of not less than 40 per cent of the group’s net profit attributable to shareholders, either as an annual dividend or an interim dividend, for FY2025 and FY2026, reported The Business Times previously.

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Low Youjin contributed to this report.