PropNex Realty debuts on SGX Mainboard at 68.5 cents per share

Its $240m market cap boosted the real estate cluster's cap to $179b.

Singapore Exchange (SGX) welcomed PropNex Limited to its Mainboard under the stock code “OYY”. It opened at 68.5 cents.

PropNex closed its initial public offering (IPO) with proceeds worth $38m. With a market capitalisation of about $240m, its listing will boost SGX’s real estate cluster to a total of 110 listings with a combined market capitalisation of about $179b.

PropNex is an integrated real estate service group that provides services in real estate brokerage and project marketing. According to a press release, it is the largest real estate agency in Singapore by salesforce, with 7,248 salespersons as at 6 June 2018, and leading market share in the primary private residential market and HDB resale market.

PropNex co-founder, CEO, and executive chairman Ismail Gafoor said, “Our IPO is yet another exciting milestone for us as it provides a platform for PropNex to not only further solidify our position in Singapore, but also access to the capital market to expand our business into new consultancy services as well as promising geographical markets, such as Vietnam and other Southeast Asian countries.”