(Sept 25): APAC Realty could provide investors with a means of gaining exposure to a large and thriving property agency just as the local property market is showing signs of taking off. But the growing popularity of online property search platforms could be a long-term disruptive challenge to the company.
APAC Realty is selling 48.9 million shares at 66 cents each in an IPO. About 4.4 million shares will be sold to retail investors, while 44.5 million placement shares will be sold to cornerstone investors.
An over-allotment option of 9.7 million shares has been granted to its underwriter DBS Bank to act as a stabilising manager. At its IPO price, APAC Realty will have a market value of $234.4 million of 14.7 times its earnings last year.