Singapore-based flexible workspace operator JustCo has filed a preliminary prospectus for a mainboard listing in Singapore, seeking to tap public markets after returning to profitability and positioning itself for a new phase of regional expansion.
The company posted a net profit of $2.7 million for the year ended Dec. 31, 2025, reversing a $10.1 million loss a year earlier, according to its prospectus. Revenue rose 12.5% to $144.2 million, while occupancy across its portfolio climbed to 84% from 78% in 2024. Occupancy at mature centres increased to 87% from 80% over the same period.
The improvement was driven by stronger utilisation rates, higher workstation take-up and a growing contribution from management contracts, which require less upfront capital than traditional leasing models, the filing showed.
JustCo’s cash EBITDA margin expanded to 9.4% in 2025 from 3% in 2023, while the group said it had no outstanding external bank debt and held about $104 million in cash as of end-2025.
Ahead of the offering, cornerstone investors agreed to subscribe for 74.3 million shares. They include funds managed by JPMorgan Asset Management, Amova Asset Management, Maybank Asset Management, Maybank Securities, Fullerton Fund Management and Avanda Investment Management, according to the prospectus.
GIC Realty, which holds investments on behalf of GIC Real Estate, a wholly owned unit of Singapore sovereign wealth fund GIC, and Frasers Property are the company’s controlling shareholders, with stakes of 29.1% and 22.5%, respectively.
The company did not disclose the size or timing of the IPO.
Founded in 2011, JustCo operates 50 centres across Asia-Pacific with about 1.77 million square feet of net lettable area and 29,422 occupied workstations as at Dec. 31, 2025. The network spans Singapore, Japan, South Korea, Taiwan, Thailand, Vietnam and Australia.
Membership fees accounted for 88% of revenue in 2025, with the bulk derived from recurring or fixed-term subscriptions. Service income contributed 11%, while management fee income made up the remainder.
The company is pitching itself as a pan-Asian enterprise-focused workspace platform. Large corporate customers accounted for more than 53% of occupied workstations at the end of 2025, with clients including Moderna, Tencent, Coupang, General Electric and Grant Thornton, according to the filing.
JustCo said it plans to open 28 additional centres in 2026, bringing its network to 78 locations. The expansion will be driven by three pillars: deepening its presence in Japan, entering new markets such as Hong Kong, India, Malaysia and the Philippines, and selectively scaling existing markets to protect market share.
Japan is expected to remain a key growth market, with the company planning to add about 179,000 square feet of net lettable area and around 3,600 workstations there. Expansion into new markets is projected to contribute another 192,000 square feet and roughly 3,900 workstations, while existing-market expansion is expected to add 318,000 square feet and about 6,300 workstations.
As part of its growth strategy, the company is also pushing further into higher-margin management contracts. The number of centres operated under the model increased to 22 in 2025 from 16 in 2023, and JustCo expects that figure to rise to about 28 centres in 2026.
The company is also developing new premium and budget workspace concepts under its “The Collective” and “the boring office” brands, targeting luxury enterprise users and cost-conscious startups, respectively.
