WeWork, a company that collapsed in 2024, was a pioneer in this field. Its founder, Adam Neumann, was an Israeli Navy veteran who went to college in America around 2002. Like others who did not finish their degrees, Neumann had immense drive.
The dark shadow of a six-foot-five giant looms large over Singapore’s hottest IPO. JustCo is a Singapore-headquartered flexible workspace operator. It is about to list on the Singapore Exchange with a market cap of $460 million, which would value it at 11 times FY2025 EV/Ebitda. The IPO proceeds would amount to $100 million.
Flexible workspace or co-working lets businesses rent office space by the desk, room, or floor. The space can be rented for days, months, or years. The business is not burdened by long-term leases. The operator provides the photocopier and coffee. The business does not have to worry about decorations either.
