PropNex Realty said to seek $40 mil from IPO launch

SINGAPORE (June 1): PropNex Realty, Singapore’s biggest property broker, plans to seek about $40 million from a proposed Singapore initial public offering, people with knowledge of the matter said.

The company is targeting a market capitalisation of as much as $250 million, the people said, asking not to be identified as the deliberations are private. PropNex is considering launching the offering as soon as next week and aims to list as early as the end of June, according to one of the people.

PropNex is considering marketing the IPO shares at 62-68 cents apiece, the person said. Details of the offering could still change, the people said.

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