Coliwoo closes at 58.5 cents in SGX debut, 2.5% below IPO price

SINGAPORE - Shares of co-living operator Coliwoo fell 2.5 per cent below their initial public offering (IPO) price on their first day of trading on the Singapore Exchange.

The counter on Nov 6 opened at 9am at 61.5 cents, above its IPO price of 60 cents. It dropped to 58.5 cents at 11.29am and closed at that price.

Coliwoo had raised about $101 million by the time its IPO closed at noon on Nov 4. It offered 80.3 million shares, including 75 million under the placement tranche and 5.3 million on public offer.

The company received 2,739 valid applications subscribing to nearly 110 million shares for its public offer shares amounting to about $65.9 million, which translates to the IPO being approximately 20.7 times subscribed.

About 547.7 million of its placement shares received indications of interest, resulting in the placement being about 7.3 times subscribed.

Based on the valid applications for all 80.3 million shares, the IPO was about 8.2 times subscribed.

Coliwoo said it had received strong interest and commitment from various institutional investors. Nine cornerstone investors, including Avanda Investment Management, Albizia Capital, Whitefield Capital Management and UOB Asset Management, have entered into a cornerstone subscription management for around 88 million cornerstone shares at the offering price of 60 cents.

Coliwoo is a spin-off from mainboard-listed LHN Group, a real estate management company that rents out industrial and office space, manages commercial buildings and carparks, and installs solar panels and electric vehicle charging stations.

Co-founder Kelvin Lim, who is also the executive chairman and group managing director of LHN, previously told ST the main reason for hiving off Coliwoo was to improve the allocation of resources within the group.

Coliwoo said it currently has a portfolio of 25 properties across Singapore with over 3,000 rooms, amounting to about 19.5 per cent of the total co-living market in Singapore. It aims to grow its portfolio by at least 800 rooms a year, with approximately 4,000 rooms by 2026.

OCBC Bank’s head of investment research Carmen Lee said factors that contribute to the success of a company’s IPO post-listing include strong management or founders with proven track records, sound investment thesis, and reasonable valuations compared with other similar listed companies.

Newly listed companies should also have ample trading liquidity in its stock, good earnings visibility and growth for the next 12 to 24 months, as well as good coverage by the market through analysts and the media.

The company’s listing is the seventh on the mainboard in 2025, following a dearth of listings in the last two years.

Other Singapore entrants include Info-Tech Systems, Soon Hock Enterprise and Centurion Accommodation Reit.