Lhn Group’s Co Living Business Coliwoo Holdings Lodges Preliminary Prospectus Mas
Coliwoo Holdings, a co-living business operated by LHN Group, has filed for its initial public offering (IPO) with the Monetary Authority of Singapore (MAS), with plans to list on the Mainboard of the Singapore Exchange. The company, which was established in 2018, currently has 25 properties in Singapore and has set a goal of expanding its portfolio to 4,000 rooms by the end of 2026. This growth will be driven by a combination of upcoming developments, master lease agreements and management contracts.In order to achieve this expansion, Coliwoo intends to use the gross proceeds from its listing to acquire properties through lease agreements in both existing and new markets, as well as through joint ventures. The funds will also be used to repay loans and for general working purposes, including employee costs.In its latest financial report for 1HFY2025, Coliwoo maintained an average occupancy rate of over 95% for all properties in its portfolio. This strong performance was driven by a combination of new properties and higher occupancy and rental rates in existing co-living spaces. Revenue for FY2023 saw a significant increase of 83.6% y-o-y to $28 million, with similar growth seen in FY2024, where revenue grew by 86% y-o-y to $52.2 million. This growth was due to the addition of three new properties, as well as full-year revenue contribution from two properties and a new facility services contract provided under the group’s management. Despite a 160.9% increase in cost of sales, which was attributed to site maintenance, higher rental expenses, and employee benefits, among other reasons, Coliwoo reported a profit for the year of $31.6 million for FY2024. In 1HFY2025, the company continued to see strong performance with revenue of $23.1 million, a 16.3% y-o-y increase from new sites, full-period revenue contribution from one property, and higher occupancy from other properties. Profit for the period also grew 14.8% y-o-y to $9.6 million.Coliwoo had cash and cash equivalents of approximately $28.4 million and indebtedness of approximately $252.5 million as of the end of August 2025. The company generated net cash from operating activities of approximately $15.4 million and $10.6 million for FY2024 and 1HFY2025, respectively. The company has attracted a strong group of cornerstone investors, including Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management, Maybank Securities, UOB Asset Management, Value Partners Hong Kong and Whitefield Capital Management.
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