Is the WeWork craze back?
Co-living and co-working seemed to be making a comeback in the market. Just late last year, Centurion Accommodation REIT entered the market. And then, Assembly Place also made its entrance in early 2026.
Both are co-living operators. Now, a co-working company is planning to list on the main board of the Singapore Exchange.
It seems like properties are being transformed to supply the changing demands of companies and people.
Here are 7 things to know about JustCo’s IPO.
✦ MAIN SECTION ✦
1. What the Company is About?
JustCo is a co-working operator that leases office space and rents working space out to companies and employees. It currently has 54 centres across 12 cities in countries such as India, Singapore, Japan, South Korea, Australia, Taiwan, Thailand and Vietnam.
There are two operating models that JustCo uses.
Lease Model: This is the typical way on how co-living and co-working operator use. They lease spaces from landlords, renovate them, and rent them out to companies. They will pay rent to the landlord, and take on the cost of all the renovations and fittings.
Management Contract Model: Think of this as the franchise model. They work with the landlord to renovate their space into a co-working one. The landlord will fund all or a part of the renovation costs or upfront capital investment. JustCo will receive a portion of the revenue or operating profit as fees or pay a fixed rent if revenue of the place falls below a minimum level. JustCo operates the space, while the landlord can reap the profits also.
What does this tell us? JustCo’s outlook will depend on
Demand for flexible working space
The state of the economies in JustCo’s operating countries
Rent price changes in the cities they operate in
It all starts with the economic conditions that JustCo’s clients operate in. They could be large companies, small and medium enterprises and startups. More than half of its clients are large companies, while SMEs and start-ups make up the remaining.
Source: JustCo Prospectus
Investors should also pay attention to the outlook for specific industries such as Information Technology (IT), finance, and manufacturing. They make up about 62% of JustCo’s client mix.
Source: JustCo Prospectus
Lastly, one of the biggest costs for JustCo will come in the form of rent. Rent prices will vary across cities. However, JustCo is operating in prime office spaces, and hence is exposed to risks of higher rent increases.
2. What are the Details of its IPO?
JustCo is trying to raise SG$100 million to expand its co-working centres from 54 to more than 100 centres by 2029. They also want to expand to other new cities such as Yokohama (Japan), Manila (Philippines), Hong Kong, Kuala Lumpur (Malaysia), and India.
JustCo will be utilising SG$100 million from the proceeds to
$82 million: Expand to new markets and build new centres
$10 million: Working capital
$8.3 million: Listing expenses
Source: JustCo Prospectus
Let’s have a deeper look into JustCo’s strategy and how they are planning to expand
JustCo’s strategy is to expand across Asia Pacific specifically Hong Kong, India, Malaysia and the Philippines.
It will rely more on the Management Contract Model as JustCo does not need to put in a lot of capital at the initial stage. This will allow it to scale up quickly by working with landlords and becoming mainly an operator who received fees.
Its ‘mature’ centres have a mix of 25% traditional lease and 75% management contract.
JustCo needs about 16.4 months on average for it to break-even. By operating management contract models more extensively, it can achieve break even quicker.
Furthermore, it has a relatively quick build-up period that spans from 3 to 6 months that allows it to operate quickly after securing leases.
Source: JustCo Prospectus
Lastly, it is also aiming to enter into the co-living space also. It intends to combine co-working with co-living that allows someone to live, work and play in the same space.
In January 2026, it received a letter of offer from OG Private Limited to manage its 160 Orchard Road asset as both a co-living and co-working space.
3. How is its Financial Performance?
Revenue growth has been strong in the past 3 years. It grew at a cumulative annual growth rate (CAGR) of 15.1% from US$114 million in 2023 to US$151 million in 2025.
JustCo uses Cash EBITDA as a measure of how profitable its operations are, considering that it doesn’t have any external bank borrowings. It has quadrupled from US$3.4 million in 2023 to US$13.8 million in 2025.
Source: JustCo Prospectus
It has also recently turned profitable in 2025. Net losses narrowed from US$12.5 million in 2023 to US$10.1 million in 2024, and turned into a positive net profit of US$2.7 million in 2025.
Its strong revenue growth was driven by its membership fees, as it constitutes 88% of total revenue. JustCo collects fixed-term and recurring subscription fees from its clients buying offerings such as private offices, co-working memberships, meeting rooms, event spaces and virtual offices.
Source: JustCo Prospectus