Kong Wan Sing, founder of coworking operator JustCo, has started buying up shares of the newly-listed company from the open market.
On June 3, Kong paid 65.5 cents each for 200,000 shares.
The following day, he bought another 300,000 shares at 69.4 cents each.
This brings his direct stake to 812,500 shares, and together with a deemed interest in another 89,664,630 shares, gives him a total interest in 90,477,130 shares, or 18.5%.
Kong bought the shares the day after DBS Bank, which helped manage this IPO, completed its stabilisation after buying 5,319,000 shares by June 2.
JustCo's IPO, priced at 94 cents, closed at 67 cents on June 4.
