Singapore-based proptech firm PropertyGuru is on track to list on the New York Stock Exchange on March 18 after a business combination with Bridgetown 2, a SPAC backed by billionaire investors Peter Thiel and Richard Li.
Photo credit: PropertyGuru
The listing will take place if shareholders vote in favor of the business combination at an extraordinary general meeting on March 15.
PropertyGuru expects to withdraw the listing of its shares from the Nasdaq on or around March 17.
The proptech firm announced its intention to list in the US last year. At the time, the agreement gave PropertyGuru an enterprise value of over US$1.3 billion and an equity value of about US$1.8 billion.
While the US has been a hot market for SPACs, bourses in Singapore and Hong Kong have also introduced frameworks for such listings. Rules in Singapore are said to have become more liberalized than the ones proposed initially in March. For instance, entities are required to have a minimum market value of US$112 million, half of what the bourse had proposed earlier.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond (Updated)
PropertyGuru hiked agent subscription prices by 15% on average in November last year on the back of an increase in property prices, as well as a rise in agent and consumer confidence in PropertyGuru.
The company’s CEO, Hari Krishnan, said PropertyGuru’s year-end 2021 engagement market share was 84% between July 2021 and December 2021, citing data from SimilarWeb.
Editing by Miguel Cordon and Jaclyn Tiu
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