Propnex is Singapore’s largest listed real estate agency, with 7,670 property agents under its wing as of 23 April 2019. The bulk of its revenues come from its real estate brokerage business, where agents generate commissions from facilitating property transactions. It also provides project marketing, property management, training services, and administrative support services. Propnex is a relatively new listing on the SGX mainboard, with its IPO less than a year ago.
Having heard of the company before, I was tracking its IPO rather closely, and to me, the volatility of Propnex stock in its first trading week was nothing short of amazing. After an IPO that was 2.2 times oversubscribed at 65 cents, Propnex shares hit a peak of 79 cents intraday, before plunging to 52 cents by the end of the week as the government announced property market cooling measures.
While Propnex shares are still trading below its