Singapore Based Workspace Operator JustCo Heads for IPO to Reach €312 Million Valuation
Asia-Pacific flexible workspace operator JustCo is targeting a €68 million initial public offering (IPO) in Singapore, according to The Business Times. Following the listing, the company is expected to reach a market valuation of approximately €312 million.
Most shares in the IPO have been allocated to institutional and cornerstone investors, while a smaller portion will be available to the public in Singapore. The company plans to use the IPO proceeds to support expansion in existing and new markets, alongside general corporate and operational needs.
Founded in 2011, JustCo operates 54 workspace centres across 12 Asia-Pacific cities, including Singapore, Indonesia, Thailand, South Korea, Taiwan, Australia, and Japan. The company is offering around 37,500 workstations across approximately 176,500 sqm of net lettable area. The operator focuses on enterprise occupiers, premium flexible offices, and headquarters-style workspace solutions.
In its 2025 financial year, JustCo reported occupancy of 84%, alongside revenue of approximately €139 million and EBITDA of around €12.7 million, according to The Business Times.
Kong Wan Long, JustCo’s co-founder and CEO shared that flexible workspace demand in the Asia-Pacific region has increased by more than 50% over the past three years, while flexible office penetration represents around 5% of total office stock across the region.
Publicly listed flexible workspace operators remain relatively limited globally. IWG remains the only major listed flex office company in Europe through its London Stock Exchange listing, while India has recently emerged as the sector’s most active IPO market. Awfis Space Solutions became India’s first listed coworking operator in 2024, followed by listings from Smartworks, IndiQube, and WeWork India in 2025.
At the same time, Asian workspace operators are also beginning to expand internationally. In March 2025, Singapore-based The Work Project became the first Asian coworking brand to enter Europe with a London opening.
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