The Assembly Place Holdings Ltd. IPO Receives Overwhelming Investor Interest Ahead of SGX Catalist Debut

Singapore, 22 January 2026 – The Assembly Place Holdings Ltd. (“TAP”), Singapore’s largest and most diversified Community Living operator, is poised for a high-profile listing on the Catalist Board of the Singapore Exchange (SGX-ST) following robust investor demand for its Initial Public Offering (IPO). The company’s IPO, consisting of approximately 50.3 million shares at S\$0.23 per share, has attracted significant oversubscription across both public and placement tranches, signalling strong market confidence in TAP’s business fundamentals and growth trajectory.

Key Highlights of the IPO

• Public Offer Oversubscribed: The public tranche of 2.0 million shares saw 1,125 valid applications for ~71.1 million shares, making this portion 35.5 times subscribed. Application monies received amounted to about S\$16.4 million.
• Placement Tranche: The placement of approximately 48.3 million shares (including 10.6 million reserved shares) received indications of interest for approximately 189.1 million shares, or S\$43.5 million in value, resulting in the placement being 3.9 times subscribed.
• Overall IPO Demand: The IPO was 5.2 times subscribed, with total indications of interest and application monies reaching approximately S\$59.9 million.
• Prominent Investor Support: Major institutional investors, such as Avanda Investment Management and Lion Global Investors, participated in the placement. Notable individual investors included Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles, and Mr Chong Soon Kong @ Chi Suim.
• Cornerstone Investors: Separate from the main IPO, cornerstone investors—including Apricot Capital, Asdew Acquisitions, Cache Capital, ICH Synergrowth Fund, Maybank Securities (on behalf of HNW clients), Mr Cheah Chi Kong, Johnathan, and Mr Deepak Lakhi Ramchandani—subscribed for approximately 29.5 million new shares for S\$6.8 million in aggregate.
• Trading Date: TAP shares are expected to commence trading on SGX-ST Catalist at 9:00 a.m. on Friday, 23 January 2026 under the stock code “TAP.”

Strategic Use of IPO Proceeds

• Expansion: S\$5.7 million will be allocated to portfolio expansion via direct leases, joint ventures, strategic alliances, and entry into new Community Living sectors. TAP also plans to explore mergers and acquisitions, as well as overseas expansion in regional markets.
• Co-investment: S\$4.0 million will be used for co-investments with property asset owners to acquire minority stakes in entities holding property assets.
• Working Capital: Approximately S\$1.1 million will be reserved for general working capital, including operational expenses such as manpower costs.

Management Commentary & Vision

Mr Eugene Lim, Executive Director and CEO: “We thank the investment community for the strong demand for TAP’s IPO. This listing is just the beginning and I hope our new community of investors will continue to support us as we work toward a 10,000-key portfolio by end-2030 while maintaining our asset-light model, and strengthening our market leadership as Singapore’s largest Community Living operator.”

Mr Tan Kian Tiong, Partner and Head, Capital Markets of SAC Capital: “The oversubscription of the public tranche demonstrates investors’ trust in and recognition of The Assembly Place’s sound business fundamentals and prospects. As retail participation continues to pick up, the Company’s strong local presence and community-living platform offers a compelling avenue to draw a broader base of investors to SGX, including younger investors. The Assembly Place has shown how a business needs to be progressive and relevant in today’s rapidly evolving environment. With solid business execution and active market engagement, The Assembly Place is well-positioned to perform in the capital markets.”

Potential Price-Sensitive Information for Shareholders

• Strong Oversubscription: The robust demand, particularly from institutional and cornerstone investors, could support strong aftermarket performance and potentially upward price movement post-listing.
• Growth Ambitions: TAP’s stated goal of reaching a 10,000-key portfolio by end-2030, together with its asset-light strategy and expansion plans (including potential overseas markets), may drive future earnings growth and investor interest.
• Asset-Light Model: This operational strategy allows for scalability with lower capital risk, which may appeal to investors seeking growth with prudent balance sheet management.
• Sector Leadership: According to Knight Frank’s November 2025 industry report, TAP is currently Singapore’s largest and most diversified Community Living operator, which may offer a competitive edge and pricing power in the market.
• Retail Investor Engagement: Active retail participation and the company’s local prominence could lead to higher liquidity and potential volatility, especially in the initial trading days.

Important Notices for Investors

Offer Document: Investors are strongly advised to consult the official Offer Document for complete and accurate information before making any investment decisions. The details in this article are for information purposes only and do not constitute an offer or solicitation to buy or subscribe for securities.

Forward-looking Statements: This article contains forward-looking statements, including plans for expansion and portfolio growth, which are subject to risks and uncertainties. Actual results may differ materially from those projected.

Disclaimer

This article is for informational purposes only and does not constitute investment advice, an offer, or solicitation to subscribe for or purchase securities. Investors should refer to the official TAP Offer Document and seek professional advice before making any investment decisions. The author and publisher assume no responsibility for the accuracy or completeness of the information provided herein.

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