PropNex Limited is the latest stock initial public offering (IPO) on the Singapore Exchange. Shares of the home-grown real estate service group debuted at 68.5 cents on Monday and rose as high as 22% in its first day of trading before closing at 71.5 cents.
The 2.125 million shares offered for public subscription was subscribed 24.6 times, indicating buoyant sentiment among investors for the PropNex IPO and the local property sector in general.
If you’re looking at the PropNex IPO with interest, here are four things to know before you invest:
1. PropNex is the largest real estate agency in Singapore
According to the independent market research report presented in the IPO prospectus, PropNex is the largest real estate agency in Singapore. As at 1 January 2018, PropNex has 6,684 agents under its umbrella with APAC Realty in second place with 5,882 agents. (APAC …