ERA to Go Public Again

ERA Realty, one of Singapore's largest real estate agencies, is making a return to the public markets.

APAC Realty, which operates under the ERA brand, plans to raise net proceeds of SGD27.1 million by selling 48.9 million shares at 66 Singapore cents apiece in an initial public offering (IPO) this week.

The IPO will comprise 4.8 million new shares and 44.1 million vendor shares, APAC Realty said in prospectus for a listing on the Singapore Exchange on Thursday (Sept 21). The IPO comprises a placement tranche of 44.5 million shares and a public tranche of 4.4 million shares. Several asset managers have subscribed to the pool over the past week, according to media reports. ERA's parent company was taken private by the a private equity fund from the Singapore Stock Exchange in 2012.

The public offer opens at 9pm Sept 21 and close at noon Tuesday Sept 26.Trading is expected to start Thursday Sept 28.

- APMR News