PropNex's IPO public tranche subscribed 24.6 times

THE initial public offering (IPO) of PropNex closed on Friday with its public offer tranche subscribed 24.6 times. 

The real estate agency, which will make its trading debut on July 2 at 9am, said that the 2.125 million shares it offered for public subscription at S$0.65 apiece drew 1,796 valid applications for roughly 52.24 million shares.

Its 40.375 million placement shares offered at the same price were fully subscribed for. An additional 8.5 million shares which had been over-alloted were allocated to the placement.

Four parties received at least 5 per cent of the shares offered: Tokio Marine Life Insurance Singapore, Principal Global Investors (Singapore), Pheim Asset Management and Qilin Wealth Fund Pte Ltd.

UOB Kay Hian is the sole issue manager, underwriter and placement agent.