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Singapore's largest property broker plans IPO

Singaporean real estate brokerage agency PropNex Realty Pte Ltd. is exploring the launch of an IPO in the city-state, with plans to raise about S$40 million and achieve a market capitalization target of as much as S$250 million, Bloomberg News reported, citing people with knowledge of the matter.

The broker is considering a per-share price of between 62 and 68 Singaporean cents, the newswire said, citing one of the people, adding that details of the IPO may change.

The company, which is Singapore's largest property broker by salesforce, may launch the offering during the week commencing June 4 and list its shares on the local bourse as early as June-end, according to the report.

PropNex, which has about 7,000 agents, merged with local real estate agency Dennis Wee Realty Pte Ltd. in 2017.

As of May 31, US$1 was equivalent to S$1.34.