The Assembly Place IPO Draws 35.5x Oversubscription
Co-living operator's 35.5x oversubscription signals investor confidence in Asia's specialized hospitality sector, raising SGD 18.3M ahead of Catalist debut.
Co-living operator The Assembly Place recorded 35.5 times oversubscription for its initial public offering ahead of its January 23, 2026 debut on the Singapore Exchange's Catalist board, signaling strong investor appetite for specialized hospitality models across Asian markets.
The company received 1,125 valid applications totaling 71.1 million shares for the two million public offer shares priced at SGD 0.23 each. The placement tranche of 48.3 million shares was 3.9 times subscribed, bringing total invitation shares to 50.3 million and raising gross proceeds of SGD 18.3 million (~US$13.6 million).
Institutional Investors Signal Confidence
Avanda Investment Management and Lion Global Investors each secured 4.4 million shares, representing 5% or more of the invitation shares. Three additional individuals received allocations of 4.4 million, 3.2 million, and 2.6 million shares respectively.
Beyond the invitation shares, cornerstone investors including Apricot Capital, Asdew Acquisitions, and Cache Capital subscribed for an additional 29.5 million shares at the same price. The subscription exercise values The Assembly Place at an estimated market capitalization of SGD 88.1 million (~US$65.4 million).
Among public offer applicants, those requesting between 100,000 and 249,000 shares were most successful, receiving 38.3% of allocated shares. Eighty-five applicants in this category were allotted 9,000 shares each.
Regional Co-Living Sector Gains Momentum
The Assembly Place's successful offering reflects broader momentum in Asia-Pacific's specialized living sectors. The company operates 3,422 keys across 100 properties using an asset-light model based on management contracts rather than master leases, reducing capital exposure while enabling rapid scaling.
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Singapore's co-living market serves primarily foreign tenants, who constitute 70% to 90% of occupants, primarily from China, Malaysia, and India. The sector attracted over $200 million in investments year-to-date in 2025, following more than $800 million in 2024.
APAC living sector investments reached $10 billion in the first half of 2025, a record high driven by co-living, student housing, and senior accommodations. This represents a notable shift in investor risk appetite, with 65% of investors now targeting sub-15% internal rates of return compared to 52% seeking above 15% returns in 2023.
Expansion Plans and Market Positioning
The Assembly Place will deploy net proceeds of SGD 10.8 million (~US$8 million) for portfolio expansion, co-investments in property assets, and working capital including manpower costs. The company targets 10,000 keys by 2030 through expansion into Malaysia, beginning with a Bangsar site, and additional co-investment models.
The company's financial performance showed revenue growth of 32.2% year-over-year to SGD 18.9 million (US$14 million) in fiscal year 2024, with first-half 2025 revenue up 43.6% to SGD 11.6 million (US$8.6 million).
Competitor Coliwoo Holdings plans a SGD 48.2 million (~US$35.8 million) IPO on SGX's Mainboard to expand to 10,000 rooms by 2030, indicating sector-wide growth ambitions. Singapore's co-living supply grew 17% from 2023 to 2025, supported by 70,800 international students as of June 2023 and projected 6.7% compound annual growth in higher education enrollments through 2031.
Trading commenced at nine am Friday, with the stock opening 26.1% above its IPO price.
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