PropNex Realty eyes $40m IPO

It is targeting to raise its market cap to $250m.

Bloomberg reports that PropNex Realty, Singapore's largest property broker, is eyeing an initial public offering (IPO) that will raise about $40m, anonymous sources said.

The broker is considering launching the IPO next week and aims to list by the end of June. It is also targeting a market capitalisation of $250m.

The company, which has nearly 7,000 agents, became Singapore’s biggest property broker by headcount after a merger with Dennis Wee Group. PropNex is seeking to repeat the success of smaller rival APAC Realty’s IPO, which raised $58m last year.

Read the full report here.

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