Singapore-based online real estate firm PropertyGuru is looking to file an Australian initial public offering sometime this year, which could net around US$274 million, sources familiar with the deal told Reuters.
PropertyGuru’s Hari Krishnan on stage at Tech in Asia Singapore 2018 / Photo credit: Henzy David, Tech in Asia
The company’s top executives are slated to meet with Australian investors within the next few weeks before turning to potential backers in Asia and the US, the sources added.
“We are considering a number of funding and strategic options, but no decision has been made at this time,” said an external PropertyGuru spokesman
The joint lead managers for the IPO, UBS and Credit Suisse, declined to comment on the matter, according to the report.
Late last year, the real estate portal raised US$145 million in funding from private equity giant KKR in a bid to “bolster [its] leadership in Southeast Asia” and fuel investments into technology.
In addition to the funding, the company also announced the “full consolidation” of Vietnamese counterpart Batdongsan into the PropertyGuru Group, making Vietnam its fifth market after Singapore, Malaysia (PropertyGuru Malaysia), Thailand (DDProperty), and Indonesia (Rumah).
It has also landed a US$129.3 million investment from a “strategic consortium” of three investors consisting of Indonesian media company Emtek (which is already PropertyGuru’s partner in Indonesia), VC firm Square Peg Capital, and international private investment company TPG.
Editing by Charmaine de Lazo
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
