:
Singapore: Coliving operator The Assembly Place (TAP) has started trading on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST) following the company’s IPO which was 5.2 times subscribed.
TAP opened on the SGX-ST at 31 cents – 34.8 per cent above its IPO price of 23 cents. By the end of trading, it closed at 29 cents.
At its initial public offering (IPO), TAP raised net proceeds of S$10.8 million. The offering included around 25.6 million new shares and 24.7 million existing shares, a total of 50.3 million shares.
Around two million shares were made available to the public while 48.3 million shares were placed privately.
Apricot Capital, Asdew Acquisitions, Cache Capital, ICH Synergrowth Fund, and Maybank Securities subscribed to around 29.5 million shares at the IPO price, totalling approximately S$6.8 million.
At the close of the IPO, the public portion was 35.5 times oversubscribed and the private portion 3.9 times subscribed. Overall, TAP’s IPO was 5.2 times subscribed with total interest reaching S59.5 million.
“We are very encouraged by TAP’s robust share performance on our trading debut, and believe it reflects the trust and confidence our investors have in TAP and our vision for the future of community living,” said Eugene Lim, CEO of TAP. “As a publicly listed company, we will build on this momentum by continuing to innovate and execute strategies that deliver value to our shareholders and the communities we serve.”
More than half (S$5.7 million) of the net proceeds will be allocated towards growing TAP’s portfolio through direct leases, joint ventures, acquisitions, and regional expansion.
TAP operates 3,422 keys across 100 properties in Singapore. Its portfolio comprises coliving, hotels, serviced apartments, student housing, and more.
Highlights:
- Singapore coliving operator The Assembly Place (TAP) has begun trading on the Catalist Board of the Singapore Exchange following an initial public offering
- TAP opened at 31 cents, representing a 34.8 per cent premium to its 23-cent IPO price, and closed its first trading day at 29 cents
- The IPO comprised 50.3 million shares in total and was 5.2 times subscribed, with total investor interest of S$59.5 million
- The public tranche was 35.5 times oversubscribed and the private placement 3.9 times subscribed, with cornerstone investors committing approximately S$6.8 million
- TAP operates 3,422 keys across around 100 properties in Singapore, spanning coliving, hotels, serviced apartments and student housing
