Shares of property broker PropNex popped higher on their trading debut on SGX on Monday, in a move that came just as Singapore government data showed the city-state’s home prices continued to rise in the second quarter.
The shares were at S$0.745 at 9:39 A.M. SGT, up more than 14 percent from the offering price of S$0.65. It had earlier climbed as high as S$0.79.
PropNex is a real-estate services provider, providing both brokerage and project marketing.
Ismail Gafoor, co-founder, executive chairman and CEO of PropNex, said in a press release on Monday that his company had grown to Singapore’s largest real estate agency by agents.
“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,” Gafoor said in the statement.
SGX said in the statement that the PropNex listing would boost the exchange’s real estate cluster to a total of 110 listings, with a total market capitalization of around S$179 billion.
Trading began in PropNex just as Singapore’s Urban Redevelopment Authority (URA) released its flash estimate showing that the city-state’s private property prices rose 3.4 percent on-quarter in the second quarter, a respectable pace, but slightly slower than the 3.9 percent increase in the first quarter.