SINGAPORE (Sept 21): APAC Realty, the operator of ERA property agency, has launched its initial public offering to raise about $58.2 million as the first real estate brokerage to list on the Singapore Exchange.

The group is offering 4.4 million shares at 66 cents each, with 44.5 million placement shares going to cornerstone investors. Its public offering makes up about 9% of the 48.9 million shares offered.

Its IPO also consists of a subscription of 39.3 million shares to cornerstone investors FIL Investment Management, Qilin Asset Management, Asdew Acquisitions and Azure Capital.

Private equity firm Northstar will hold 74.7% stake of APAC Realty via its British Virgin Islands vehicle Asia Pacific Realty Holdings of which is controlled by Northstar’s chief executive officer Tan Choon Hong.

APAC Realty was listed as part of Hershing Realty in 1998. The counter delisted in 2012, after which the ERA property business was sold to Northstar.

“The listing will help us enhance our reputation. The company would be more compliant, so the customers and agents will have more confidence in the company because of the financial stability we have,” says Jack Chua, CEO, APAC Realty.

The IPO registration will close on Sept 26 at 12 noon.

The shares are expected to commence trading at 9am on Sept 28.