Singapore-based PropNex Realty, one of the largest property agencies in the country, is looking to follow in its rival, APAC Realty's footsteps with the launch of an initial public offering (IPO). This IPO is expected to raise around $40 million, according to Bloomberg's anonymous cited sources.
APAC Realty raised $58 million during its IPO in Singapore last year.
Targeting a market capitalization of as much as $250 million, PropNex is looking to launch the offering as soon as next week with the aim of listing as early as end-June, said one of the sources who declined to be identified as the deliberations are private.
While the details of the offering may still change, the company is seeking to market the IPO shares at 62 to 68 Singapore cents per piece, said the source.
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