LHN (SGX:41O, HKG:1730) unit, Coliwoo, launched its initial public offering in Singapore, seeking to raise SG$48.2 million.

The co-living operator is offering 80,304,000 shares at SG$0.60 apiece.

The sale consists of 75 million placement shares, and a further 5.3 million shares that would be offered to the public in Singapore. The offering opens on Oct. 29 and will last until Nov. 4.

Shares will then begin trading on the mainboard of the Singapore Exchange on Nov. 6, according to a Tuesday filing.

The firm expects to raise a further SG$52.8 million via the sale of shares to nine cornerstone investors, namely Albizia Capital, Avanda Investment Management, B&I Capital, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities, UOB Asset Management, Value Partners Hong Kong, and Whitefield Capital Management.

Proceeds from the deal, expected to be SG$101 million, will primarily be used to fund the expansion of the company's co-living business.

Post-offering, the company's share capital will stand at 480.8 million shares and its market capitalization at listing will be around SG$288.5 million.

Maybank Securities, DBS Bank, and RHB Bank Berhad are the joint bookrunners of the IPO.

LHN shares were down nearly 5% in recent trade.