Singapore’s largest Community Living operator, The Assembly Place (TAP), has announced its initial public offering (IPO) of approximately 50.3 million shares at S$0.23 each. The IPO, which is expected to raise gross proceeds of S$18.3m, will close on 21 January 2026, with trading commencing on the SGX-ST Catalist on 23 January 2026.
The offering includes 2 million Public Offer Shares and 48.3 million Placement Shares, with cornerstone investors such as Apricot Capital and Maybank Securities subscribing to approximately 29.5 million shares. SAC Capital Private Limited is acting as the Sponsor, Issue Manager, Underwriter, and Placement Agent for the IPO.
TAP, which operates approximately 3,422 keys across 100 properties, leads the market with a 34% share. Its community-driven approach has resulted in occupancy rates exceeding 90% since FY2022. The company plans to expand its portfolio to over 10,000 keys by 2030 and is exploring opportunities in Southeast Asia, including a new property in Kuala Lumpur.
Eugene Lim, TAP’s CEO, stated, “The IPO proceeds will enable us to accelerate our growth plans and strengthen our market position.” The funds will be used for portfolio expansion and co-investment opportunities with property asset owners. TAP’s asset-light model and proprietary technology have facilitated its rapid growth, with revenue rising from S$6.9m in FY2022 to S$18.9m in FY2024.
