PropNex's IPO public tranche 24.6 times subscribed
Singapore
THE INITIAL public offering (IPO) of PropNex closed with its public offer tranche 24.6 times subscribed.
The homegrown real estate services group, which will make its trading debut on July 2 at 9 am, said that the 2.125 million shares that it offered for public subscription at S$0.65 apiece drew 1,796 valid applications for roughly 52.24 million shares. The public offer closed at noon on June 28.
Its 40.375 million placement shares at the same price were fully placed out.
All in all, the offering was about 2.2 times subscribed based on the total 42.5 million shares offered.
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.
Ismail Gafoor, co-founder, executive chairman and chief executive said: "We are highly encouraged by the overwhelming response we have garnered for our IPO from both institutional and retail investors. This is reflective of the investing public's recognition and confidence in the growth potential of PropNex as a home-grown enterprise."
PropNex intends to use its S$38 million net proceeds for local and regional expansion, growth of its real estate brokerage business, business services, technological capabilities, as well as working capital.
