SINGAPORE (Aug 27): The three executive directors of recently listed real estate agency PropNex have been buying up the company’s shares from the open market. Ismail Gafoore, co-founder, executive chairman and CEO; Alan Lim Tow Huat, co-founder and executive director; and Kelvin Fong Keng Seong, another executive director, have made five rounds of purchases each since the IPO in early July.
The listing of PropNex, which claims to be the largest property broker in terms of sales agents, took place less than a year after the September 2017 listing of APAC Realty, better known for the ERA-branded real estate agency franchise it runs.
PropNex’s IPO timing could have been better. It started trading on July 2. From the IPO price of 65 cents, it hit as high as 79 cents on its trading debut. The gains were quickly demolished when the government announced on July 5 yet another round of property cooling measures that took the market by surprise. As a result, PropNex shares dropped to as low as 52 cents on July 6. It closed on Aug 21 at 57 cents.