It was supposed to be a straightforward IPO. It is Singapore’s largest co-working operator with an established business model, but its share price has since declined by as much as 45% from its listing price. However, a comeback could be on the cards.

Since 9 July 2026, the share price has trended upwards from SG$0.54 to SG$0.66 as of 14 July 2026. Two things have happened. Firstly, it launched a new co-living location called JustCo Place at 160 Orchard Road. Deloitte Singapore will occupy the whole place. Secondly, DBS has initiated coverage of the company and is targeting a price of SG$1.06. 

Let’s take a look at what the company has to offer.

JustCo is a co-working operator where they rent out spaces to workers and companies. It has 54 locations across 12 cities in Singapore, India, Japan, South Korea, Australia, Taiwan, Thailand and Vietnam. It mainly services large companies, which make up 53% of its clients, followed by small and medium enterprises (28%) and start-ups (18.6%). IT customers make up the biggest portion at 36%, followed by professionals (14%), finance (13.5%), and manufacturing (12%).

JustCo’s financial performance has been strong. Revenue grew by 32% from US$114 million in 2023 to US$151 million, driven by higher membership fees.

JustCo tracks Cash EBITDA as an indicator for how profitable its operations are, and that has quadrupled from US$3.4 million to US$13.8 million over the same period. And if we look at it from its cash EBITDA per workstation, we do see JustCo scaling its business, as it has also tripled.

No matter what, JustCo needs to pay a fixed rent every month, but once it reaches break-even, it generates higher margins from it. The occupancy rate for JustCo has increased from 78% in 2023 to 84% in 2025, and its cash EBITDA could improve with higher occupancy rates.

Lastly, JustCo has managed to turn a profit of US$2.7 million in 2025 after suffering losses of US$12.5 million and US$10.1 million in 2023 and 2025 respectively.

Hybrid working will be the norm in the coming years. What does this mean? It means that the demand for traditional office space will be lower, as companies see the value of implementing flexible working arrangements.

Not all employees will need to be in the office at the same time, 5 days a week. So, companies can take a smaller space and pay lower office rents and pay for services on the go if they require it.

This introduces a nimbler working space cost structure. According to JustCo, the Asia Pacific flexible office market is projected to grow from 83.1 million sqft in 2025 to 114.9 million sqft in 2027.

Its recent co-living space in Orchard Road is a sign of how JustCo intends to execute its expansion plans. It marketed it as a premium office location located next to retail shops and public transportation, and has secured 100% occupancy by attracting Deloitte Singapore.

It will commence operations by September 2026, and will include food & beverage, lifestyle, wellness and healthcare facilities for its tenants. It has also agreed with the landlord to operate the serviced apartment tower above the co-living space, providing accommodation to potential tenants also working at the location. The success of this space is an indicator of JustCo’s expansion plans moving forward.