Singapore's top property broker PropNex plans to launch IPO

Singapore's top property broker PropNex plans to launch IPO

Traffic drives along a road under a SMRT Corp. train travelling along an elevated track past residential buildings at the My Manhattan development in the Simei area of Singapore, on Saturday, June 3, 2017. Photographer: Sanjit Das/Bloomberg

PropNex Realty Pte, Singapore’s biggest property broker, plans to seek about S$40 million ($30 million) from a proposed Singapore initial public offering, people with knowledge of the matter said.

The company is targeting a market capitalization of as much as S$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.

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