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UOB-Kay Hian buys nearly S$3m in PropNex shares as stabilising managers of IPO

UOB-Kay Hian bought 4.65 million shares in PropNex Ltd at between S$0.60 and S$0.635 per share on Friday as stabilising managers of the initial public offering (IPO), with shares of PropNex battered by Thursday's surprise property cooling measures.

The price range translates to a total purchase price of between S$2.79 million and S$2.95 million. 

Shares of PropNex - Singapore's largest real estate agency - slumped 24.6 per cent on Friday after the government announced additional cooling measures on the property market. The stock closed on Friday at S$0.52, down 17 Singapore cents, on hefty trading. Some 27.3 million shares changed hands.

PropNex made its trading debut on SGX on Monday. Its IPO price was set at S$0.65.

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