These cornerstone investors include JP Morgan Asset Management, Amova Asset Management Asia, Fullerton Fund Management and Avanda Investment Management — four fund managers that have been appointed under the Monetary Authority of Singapore’s Equity Market Development Programme.
GIC-backed co-working operator JustCo is seeking to raise gross proceeds of $100 million and net proceeds of $92.2 million at 94 cents per share in an IPO on the Mainboard of Singapore Exchange. Trading is expected to begin at 9am on May 22.
The offer of nearly 32.09 million shares comprises approximately 6.3 million shares for retail investors and 25.79 million shares for institutional and other investors. In addition, nine cornerstone investors have agreed to subscribe to nearly 74.2 million shares at the offering price, totalling approximately $69.8 million.
