Coliwoo Holdings Limited, a co-living operator in Singapore, has launched an initial public offering (IPO) on SGX mainboard to raise S$101 million ($78 million).

The firm said in a statement on Tuesday that the offering of 80.30 million shares, subject to over-allotment option, at S$0.60 ($0.46) each, comprises 75 million offering shares that will be offered by way of placement and 5.30 million offering shares that will be offered by way of a public offer in Singapore.

The trading of shares is expected to commence on November 6.

Maybank Securities is the issue manager and global coordinator for the offering.

Maybank, DBS Bank and RHB Bank Berhad are the joint bookrunners and underwriters for the offering.

Separate from the offering, Albizia Capital, Avanda Investment Management (on behalf of certain investment funds and/or managed accounts), B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management Singapore , Maybank Securities (on behalf of certain high-net-worth clients), UOB Asset Management, Value Partners Hong Kong Limited and Whitefield Capital Management have entered into cornerstone subscription agreements with the company to subscribe for new shares of an aggregate of approximately S$52.8 million ($40.77 million) at the offering price.

The offering, together with the issuance of cornerstone shares, are expected to raise total gross proceeds of approximately S$101 million ($78 million).

Coliwoo plans to use the gross proceeds primarily for expansion, growth and asset enhancement of co-living business undertaken through leased properties/owned and joint venture properties in existing and new markets, repayment of loans; and general working capital purposes, including operational expenses such as manpower costs, marketing expenses and professional fees.

Post-Offering, the company’s share capital will stand at 480.8 million shares and its market capitalization at listing will be approximately S$288.5 million ($222.79 million).

Established in 2018, Coliwoo has a portfolio of close to 3,000 rooms strategically located across prime central areas and high-demand residential clusters across the island.

Under its Coliwoo brand, the company acquires or leases old, unused and underutilized properties and transforms them into modern and trendy co-living spaces.

By providing thoughtfully designed communal spaces and a diverse range of events for members living in Coliwoo-operated properties, the company fosters a strong sense of community in the co-living experience.

In addition to managing and operating properties under the Coliwoo brand, the company also leases to third-party operators, and provides professional property enhancement and/or property management services for landlords.

From time to time, Coliwoo may also invest strategically in property holdings or property leasing entities.

The company intends to recommend and distribute dividends of not less than 40 percent of the group’s profit attributable to equity holders of the company after adding back listing expenses and excluding fair value gains/losses on owned and joint venture investment properties, impairment/write-off of assets, non-recurring and one-off items, whether as an annual dividend or an interim dividend, for FY2025 and FY2026.

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