PropertyGuru expects to list in US by end of Q1

PropertyGuru, the Singapore-based proptech major, expects to list on the New York Stock Exchange by the end of the first quarter, said CEO and managing director Hari Krishnan.

PropertyGuru CEO Hari Krishnan / Photo credit: PropertyGuru

The chief executive said the firm’s initial paperwork with the US Securities and Exchange Commission had been approved and declared effective February 14. The IPO will be conducted via a merger with Bridgetown 2, a special purpose acquisition company backed by billionaire investors Peter Thiel and Richard Li.

PropertyGuru announced its intention to list in the US last year. At the time, the agreement gave PropertyGuru an enterprise value of roughly US$1.35 billion and an equity value of about US$1.78 billion. The deal also involves a US$100 million private investment in public equity commitment from REA Group, Akaris Global Partners, and others.

Krishnan also said that PropertyGuru’s year-end 2021 engagement market share was 84% between July 2021 and December 2021, citing data from SimilarWeb.

The company also hiked agent subscription prices by 15% on average in November last year on the back of an increase in property prices, as well as agent and consumer confidence in PropertyGuru.

Krishnan said PropertyGuru had already integrated iProperty Malaysia into its existing operations, and its Vietnamese platform, Batdongsan, saw a 4.5x growth in new property listings in December 2021, compared with those in August 2021.

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