The Assembly Place soars 26.1% above IPO price on SGX debut
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The Assembly Place is a leading co-living operator with 3,422 keys across 100 property assets, and aims to operate 10,000 keys by 2030.
PHOTO: LIANHE ZAOBAO
SINGAPORE – Shares of The Assembly Place (TAP) surged on the first day of trading on Jan 23, as the firm became the second co-living operator to list
The counter opened on the Catalist board at 31 cents, 34.8 per cent above its initial public offering (IPO) price of 23 cents, and rose to a morning high of 33.5 cents.
It eased to 29.5 cents by the midday trading break and closed at 29 cents, 26.1 per cent higher. Some 17.3 million shares changed hands.
On Jan 22, TAP announced that its public offer of two million shares was around 35.5 times subscribed with 1,125 valid applications, amounting to 71.1 million shares. Its 48.3 million placement shares were subscribed 3.9 times.
The firm had offered a total of 50.3 million invitation shares.
Separately, cornerstone investors have entered into subscription agreements for around 29.5 million shares at the offer price, amounting to $6.8 million.
These include Apricot Capital, Asdew Acquisitions, Cache Capital, ICH Synergrowth Fund and Maybank Securities, on behalf of certain high-net-worth clients.
Established in 2019, TAP is a leading co-living operator and currently operates 3,422 keys across 100 property assets. It aims to operate 10,000 keys by 2030 and so far has over 600 keys in its pipeline.
It has six brands across five living sectors, catering to young professionals, students, foreign healthcare workers and senior residents.
It aims to operate 10,000 rooms by 2030 and so far has over 600 rooms in its pipeline.
For the financial year 2024, TAP recorded $18.9 million in revenue, up 32.2 per cent from 2023, and a net profit of $6.2 million, reversing from the previous year’s loss of $899,000.
Revenue for the first half of 2025 rose 43.6 per cent to $11.6 million compared with the same period a year ago.
TAP is the second Singapore company to list on the SGX in 2026, following artificial intelligence-powered customer experience platform Toku on Jan 22. Toku jumped 14 per cent above its IPO price in its trading debut on Jan 22.
Hong Kong-listed Concord New Energy began its secondary listing on the SGX mainboard on Jan 6, marking the bourse’s first listing of the year.
Correction note: In an earlier version of the story, we said that TAP operates 3,422 rooms and aims to operate 10,000 rooms by 2030. This has been corrected.
