Coliwoo Holdings Limited Achieves Strong SGX Mainboard Debut: Key Highlights for Investors

Singapore’s Leading Co-Living Operator Makes Robust Market Entry

Coliwoo Holdings Limited (“Coliwoo” or “the Company”) made a notable debut on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) under the ticker symbol W8W on 6 November 2025. The Company, a leading co-living operator in Singapore, delivered a strong performance on its first trading day, with shares opening at S\$0.615, which is 2.5% above the offering price of S\$0.60 per share.

IPO Details and Strong Investor Demand

• IPO Structure: The offering comprised 80,304,000 ordinary shares, including a placement of 75,004,000 shares and a public offer of 5,300,000 shares at S\$0.60 each.
• Public Offer Oversubscription: The public offer was approximately 20.7 times subscribed, with 2,739 valid applications for the 5,300,000 shares, amounting to application monies of around S\$65.9 million.
• Placement Shares: Strong demand was also observed for placement shares, with indications of interest for 547,659,891 shares, making the placement about 7.3 times subscribed.
• Total Offering Subscription: Overall, the IPO was about 8.2 times subscribed, reflecting robust investor interest.
• Cornerstone Investors: Major investment institutions including Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund, Maybank Asset Management, UOB Asset Management, Value Partners Hong Kong, and Whitefield Capital Management subscribed for 87,996,000 shares (worth approximately S\$52.8 million) at the offering price under cornerstone agreements.
• Total Gross Proceeds: Together, the offering and cornerstone shares are expected to raise about S\$101.0 million for Coliwoo.
• Share Capital and Market Capitalisation: Post-IPO, the Company’s share capital will stand at 480.8 million shares, with a market capitalisation of approximately S\$288.5 million.

Use of Proceeds: Strategic Growth Plans

• Expansion and Asset Enhancement: The majority of funds will be used for the expansion, growth, and asset enhancement of its co-living business, both through leased and owned/joint venture properties in Singapore and new markets.
• Loan Repayment: Part of the proceeds will be used to repay existing loans, improving the Company’s financial position.
• Working Capital: The remaining funds will be allocated to general working capital, covering operational costs, manpower, marketing expenses, and professional fees.

Business Leadership and Market Position

• Market Leader: Coliwoo is the largest co-living operator in Singapore, with a portfolio of 2,933 rooms across 25 high-demand locations as of 19 September 2025, representing a 19.5% market share by room count.
• Occupancy Rate: The Company reported a robust occupancy rate exceeding 95% in the financial half-year ended 31 March 2025.
• Growth Targets: Coliwoo aims to add at least 800 rooms annually, targeting a total of ~4,000 rooms by end-2026. This will be delivered through a mix of new developments, master lease agreements, and management contracts.
• Business Model Evolution: The Company is moving towards an asset-light model, focusing on master lease agreements and management contracts, and is actively exploring capital recycling strategies.
• Regional Expansion: Plans are underway to expand into major Southeast Asian cities such as Jakarta, Bangkok, Kuala Lumpur, and Johor Bahru, leveraging favourable demographics and rising demand for flexible living solutions.

Dividend Policy: Attractive Payout for Investors

Coliwoo intends to recommend and distribute dividends of no less than 40% of the Group’s profit attributable to equity holders (excluding certain non-recurring items and after adding back listing expenses) for the financial years ending 30 September 2025 and 2026. This policy may attract income-focused investors seeking stable returns.

Management Commentary

Mr Kelvin Lim, Executive Chairman & CEO, expressed gratitude for investor support: “This positive reception reflects confidence in our position as Singapore’s leading co-living provider and our strategic growth trajectory. With a market-leading position and a strong pipeline targeting close to 4,000 rooms by end-2026, we remain committed to redefining urban living and creating long-term sustainable value for shareholders whilst expanding our footprint across Singapore and the region.”

Investor Takeaways and Potential Price-Sensitive Factors

• Strong IPO Demand: The significant oversubscription in both public and placement tranches demonstrates high market confidence and may provide near-term support to share prices.
• Cornerstone Support: Participation by reputable institutional investors enhances credibility and signals long-term support.
• Growth and Expansion: Aggressive room portfolio growth and regional expansion could drive future earnings and valuation upside.
• Dividend Policy: The commitment to a minimum 40% payout ratio is a potentially price-sensitive point for yield-oriented investors.
• Asset-Light Strategy: The shift to an asset-light model may improve return on capital and lower financial risk, making the stock attractive for growth and value investors.
• Risks: Investors should be aware of execution risks related to regional expansion, ability to maintain high occupancy, and successful implementation of the asset-light model.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell any securities. Investors should conduct their own due diligence and consult their financial advisors before making any investment decisions. The information is based on the Company’s official press release and may be subject to further updates. The Monetary Authority of Singapore (MAS) and SGX-ST have not reviewed the contents of this article.

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