{"id":92955,"date":"2018-07-02T15:57:47","date_gmt":"2018-07-02T08:57:47","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-shares-2-2-times-oversubscribed\/"},"modified":"2018-07-02T16:02:54","modified_gmt":"2018-07-02T09:02:54","slug":"propnex-shares-2-2-times-oversubscribed","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-shares-2-2-times-oversubscribed\/","title":{"rendered":"PropNex shares 2.2 times oversubscribed"},"content":{"rendered":"


\nPropNex Realty\u2019s CEO, Ismail Gafoor.
\nPropNex Realty, Singapore\u2019s biggest homegrown property agency, held a successful initial public offering (IPO) that attracted strong investor interest, according to an SGX filing on Friday (29 July).
\nOverall, its shares were 2.2 times oversubscribed. There were 1,796 valid applications for the 2.125 million shares offered to the public, with retail investors seeking a total of 52.24 million shares. This translates to a subscription rate of 24.6 times.
\nMore:\u00a0PropNex Realty aims to raise $40m in IPO\u00a0
\nSimilarly, the 40.375 million shares offered via private placement to institutional investors were fully purchased, in addition to 8.5 million over-allotted shares.
\nSingapore Business Review reported that cornerstone investors in the IPO consist of Nikko Asset Management Asia Limited, which agreed to buy 6.1 million shares. Value Partners Hong Kong, Samsung Asset Management (HK) and Affin Hwang Asset Management agreed to subscribe 7.5 million shares each, while NTUC Income Insurance Co-Operative and FIL Investment Management (Hong Kong) acquired 9.05 million and 12.35 million shares respectively.
\nPropNex\u2019s shares were priced at 65 cents apiece and it plans to use the net proceeds of $38 million to fund its local and regional expansion via acquisitions, mergers and joint ventures.
\nAside from working capital purposes, it also intends to utilise the proceeds to improve its real estate brokerage business, provide more services and enhance its technological capabilities.
\nThe shares are expected to be listed on the Singapore Exchange today.
\nPropNex has 7,248 agents as at 6 June. It also had the top market share of 42.7 percent for newly launched residential projects last year.
\nFind\u00a0property agents\u00a0who can help you in your\u00a0Singapore Property\u00a0search.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…PropNex shares 2.2 times oversubscribed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PropNex Realty\u2019s CEO, Ismail Gafoor. PropNex Realty, Singapore\u2019s biggest homegrown property agency, held a successful...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-92955","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-obh","jetpack-related-posts":[{"id":92594,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-clears-air-on-discrepancies-over-dennis-wee-realty-transaction\/","url_meta":{"origin":92955,"position":0},"title":"PropNex clears air on discrepancies over Dennis Wee Realty transaction","date":"June 27, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. Real estate agency PropNex Realty has clarified certain matters cited in recent media reports that its transaction involving Dennis Wee Realty (DWR) was without monetary terms and that there were discrepancies between its audited revenue and profit for FY2016 to the figures in its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-realty-aims-to-raise-40m-in-ipo\/","url_meta":{"origin":92955,"position":1},"title":"PropNex Realty aims to raise $40m in IPO","date":"June 4, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. In a bid to replicate the success of its rival APAC Realty, Singapore\u2019s largest property agency PropNex Realty plans to launch an initial public offering (IPO) that will raise about $40 million, reported Bloomberg recently citing anonymous sources. APAC Realty raised $58 million during\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67144,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/era-realty-to-relist-in-singapore\/","url_meta":{"origin":92955,"position":2},"title":"ERA Realty to relist in Singapore","date":"September 22, 2017","format":false,"excerpt":"\r ERA Realty\u2019s CEO Jack Chua. ERA Realty Network, the second biggest property agency here by agent numbers, plans to relist on the Singapore Exchange (SGX) to take advantage of the anticipated recovery in the housing market, reported the Business Times. The firm and other related businesses will be floated\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57944,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/world-class-globals-ipo-2-1-times-oversubscribed\/","url_meta":{"origin":92955,"position":3},"title":"World Class Global\u2019s IPO 2.1 times oversubscribed","date":"June 15, 2017","format":false,"excerpt":"\r \u00a0 Receiving strong interest from both retail and institutional investors, World Class Global\u2019s initial public offering was 2.1 times oversubscribed at the close of the public offer via the Catalist board. This comes as the real estate company received 3,052 valid applications for the 136 million invitation shares offered\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67646,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/apac-realty-receives-strong-investor-interest-at-ipo\/","url_meta":{"origin":92955,"position":4},"title":"APAC Realty receives strong investor interest at IPO","date":"September 28, 2017","format":false,"excerpt":"\r APAC Realty Limited, which operates under the ERA brand, received robust investor interest for its shares during its initial public offering (IPO), with the public offering and international placement being 26.0 times and 13.4 times subscribed, respectively. The company offered an international placement of 44.5 million shares and a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104229,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gap-to-transfer-its-property-agents-to-propnex-realty\/","url_meta":{"origin":92955,"position":5},"title":"GAP to transfer its property agents to PropNex Realty","date":"February 21, 2019","format":false,"excerpt":"\r PropNex further strengthens its position as Singapore\u2019s largest listed real estate agency with over 7,500 salespersons. Global Alliance Property (GAP), which operates under the Century 21 franchise, has signed a strategic collaboration with PropNex Realty, whereby GAP\u2019s property agents will be transferred to the latter. With the transfer of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/92955"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=92955"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/92955\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=92955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=92955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=92955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}