To The Moon

Founded and headquartered in Singapore, $JustCo(JCO.SI)$ is a leading flexible workspace platform operator across the APAC region. It has a multi-brand platform targeting three broad customer segments, ranging from startups, SMEs and Large Corporates requiring bespoke office environments.

Its brand portfolio comprises luxury offering The Collective; flagship and premium brand JustCo; and essentials brand the boring office, enabling it to address a wide spectrum of customer preferences and price points. Customers include global brands such as $Coupang, Inc.(CPNG)$ $DiDi Global Inc.(DIDIY)$ , $General Electric Co(GE-W)$ , Klook, $Moderna, Inc.(MRNA)$ , $Palo Alto Networks(PANW)$ , $Pinterest, Inc.(PINS)$ , $Tencent Holding Ltd.(TCEHY)$ , Tory Burch and $ZEEKR(ZK)$ . 

JustCo has an established network of 54 Centres across 12 cities, namely Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo, offering a total of approximately 37,500 workstations, and a NLA of approximately 1.89 million square feet.

Its vision is to become the global benchmark for flexible workspace, and it plans to operate over 100 Centres in over 20 cities by 2029.

JustCo has a dual operating model comprising of a lease model and a management contract model. Under the lease model, JustCo leases space from landlords and funds all upfront capital investment and operates workspaces directly, capturing full operating upside while actively managing occupancy and cost efficiency. 

In the management contract model, JustCo operates workspaces under arrangements with landlords where it either (i) retains a portion of the revenue or operating profits as fees (or, in certain cases, pay a minimum base rent if the landlord’s share of revenue or operating profits fall below that base rent), (ii) receive recurring management fees, or (iii) pay fixed rent. Unlike the lease model, the landlord funds all or a substantial portion of the upfront capital investment. This asset-light model enables expansion with zero or partial upfront capital investment, reduces balance sheet risk and improves return on invested capital.

JustCo is offering 32.1 million shares at S$0.94 apiece, which includes 6.3 million shares by way of a public offer in Singapore. At the same time but separate from the offering, it has also entered into cornerstone agreements with cornerstone investors for the sale of 74.3 million shares. 

JustCo will raise gross proceeds of S$100 million from the offering and issuance of cornerstone shares, of which S$92.2 million are due to the company. Some S$81.7 million in net proceeds are intended to be used for strategic investments and capital expenditure to support expansion plans in new and existing markets.

Competitive Strengths based on the IPO Offer Document 

• Positioned to benefit from large flexible office total addressable market with significant headroom for further growth

  • Flexible office penetration rates in APAC at 5.9% riding on 46.8% growth since 2022, well below the 10.6% penetration rates seen in developed markets like Central London.

  • Looking ahead to 2027, according to the Independent Market Research Report, the evaluated markets in the APAC flexible office market is expected to continue to grow by a further 38.3%, bringing it to 114.9 million square feet. 

• Singapore-grown market leader with Asia Pacific-wide network focused on enterprises, anchored in top hubs

  • JustCo’s current and planned new markets (excluding Hong Kong) covers approximately 70% of the 2024 GDP of such evaluated markets of APAC (excluding Mainland China).

  • JustCo has an extensive APAC platform with existing operational footprint across 12 cities, anchored in key APAC business hubs. With planned expansions into Hong Kong, India, Malaysia and the Philippines, JustCo expects to broaden its platform footprint to approximately 20 cities.

• Comprehensive multi-brand offering with integrated value-added services underpinned by a loyal customer base

  • Over half of JustCo’s diverse member-base stay for more than 3 years and are well-distributed across industries and types of organisations.

  • There is an increasingly sticky member base, with a growing renewal success rate from 64.7% in FY2023 to 72.0% in FY2025, and a stable average membership tenure of 15.2 months.

Split by geography, customer vintage, industries

• Proven operational track record enabled by proprietary in-house tech, design, and operational capabilities

  • JustCo  centres achieve Cash EBITDA breakeven in approximately 5 months on average and an overall payback period of approximately 15.8 to 24.0 months on average from a Centre’s launch. 

  • JustCo’s strong execution capabilities and rapid ramp-up, demonstrating its ability to achieve 80% or higher occupancy within 6 to 9 months of a Centre’s launch.

Occupancy Rate

• Industry recognised leadership and brand

  • Supported by institutional investors including GIC Realty and Frasers Property Limited.

  • Experienced leadership backed by experienced directors to navigate next phase of growth post-listing.

  • Strong industry position further underpinned by multiple industry accolades.

Business Strategies and Future Plan 

• Core focus on Japan to accelerate regional presence

  • JustCo plans to continue to increase its presence in markets where they currently operate, with a particular focus on Japan to accelerate its regional presence, given the strong demand for flexible office space.

• Expansion of total addressable market (“TAM”) through entry into new markets

  • JustCo plans to expand its total addressable market by entering selected new markets across Hong Kong, India, Malaysia and the Philippines, with the objective of strengthening its APAC footprint. 

• “Protect and Grow” strategy in existing markets

  • JustCo intends to pursue a “protect and grow” strategy in their existing markets by selectively scaling their network to consolidate and strengthen their market position.

Key Risks (Refer to page 51 of the IPO Offer Prospectus for the full list)

• Any inability to identify and secure suitable buildings and properties for new Centres or co-living spaces in the future could adversely affect JustCo’s business, financial condition, cashflows, results of operations and prospects.

• JustCo may face competition from other potential tenants for the premises as the renewal of leases and management contracts may be subject to renegotiation of rental rates, management fees, and other material terms at the relevant time.

• JustCo’s lease obligations are generally medium- to long-term in nature, while most of their members enter into membership agreements with short-term commitments, which may expose them to occupancy and revenue volatility during the lease term.

Financial & Valuation 

• JustCo’s revenue increased by 12.5% to US$144.2 million in FY2025 from US$128.2 million in FY2024, primarily driven by higher membership fees following acquisition of the remaining equity interests in their Japan operations with effect from 1 July 2025, as well as improved occupancy rates and a higher number of occupied workstations.

• JustCo’s financial profile has strengthened, underpinned by robust revenue growth, margin expansion and a strong cash position of approximately US$104.0 million as at 31 December 2025.

• JustCo’s Cash EBITDA – underlying operating cashflows generated by the business, after adjusting for non-cash, non-operating and one-off items – has been growing over the years. The Management considers this as a useful indicator of ability to generate recurring cashflow from core operations. Cash EBITDA margin expanded from 3.0% in 2023 to 9.4% in 2025. 

• JustCo has not drawn down on loans from financial institutions since inception and hence does not have any outstanding external bank debt.

Revenue from FY2023 to FY2025

Cash EBITDA Margin from FY2023 to FY2025

Additional Information from IPO Offer Document

IPO Details

• Offer price at S$0.94 per share.

• 32.1 million shares offered (subject to the Over-allotment Option) comprising:

  • 25.8 million shares under the placement tranche

  • 6.3 million shares under the public offer 

• The following Cornerstone Investors subscribed to 74.3 million shares at the Offer Price:

  • Farglory International Investment Co., Ltd.

  • Jang Dah Fibre Industrial Co., Ltd.

  • Avanda Investment Management Pte. Ltd.(on behalf of certain investment funds and/or managed accounts)

  • JPMorgan Asset Management (Singapore) Limited

  • Amova Asset Management Asia Limited

  • Maybank Asset Management Singapore Pte. Ltd.

  • Maybank Securities Pte. Ltd. (on behalf of certain high-net-worth clients)

  • Fullerton Fund Management Company Ltd.

  • Mr. Wei Chun Chieh

• Estimated IPO market capitalisation, based on post-offering shares of 489.2 million is SS$459.9 million.

• Estimated net proceeds due to JustCo from the Offering and the issuance of Cornerstone Shares will be approximately $92.2 million. 

• Use of proceeds:

  • Strategic investments and capital expenditure to support expansion plans in existing and new markets. Part of the net proceeds is intended to be utilised for (i) fit-outs, IT infrastructure and other related expansion expenditures in respect of additional Centres which JustCo plans to open in FY2026 and FY2027, comprising approximately 689,000 square feet and 281,000 square feet of NLA respectively, and (ii) towards security deposits payable to landlords, as well as working capital requirements anticipated during the ramp-up phase of additional Centres which JustCo plan to open in FY2026 and FY2027.

  • General corporate purposes and working capital

Did you know?

JustCo’s human resources team was awarded the Gold Award for “Best HR Team (SME)” at the HR Excellence Awards 2025. This leadership-led approach has been externally validated through industry recognition, including the “Most Innovative and Sustainable Office Design” award at the Employee Experience Awards 2024 Singapore. In 2025, The Collective locations at GranTokyo South Tower and Taipei Dome International Center were awarded “Flexible Workspace Initiative of the Year” for redefining executive workspaces.

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