Miguel Cordon · · 1 min readPropertyGuru loses $270m in market cap 2 days after listing
PropertyGuru lost US$270 million in its market cap after its first two days of trading on the New York Stock Exchange. Its market cap fell to US$1.5 billion after trading yesterday, down a hair over 15% compared to the US$1.8 billion it had when it listed last Friday.
However, its market cap is still hovering above the enterprise value of over US$1.3 billion in the SPAC agreement it signed last year.
PropertyGuru’s Singapore office / Source: PropertyGuru
The Southeast Asian proptech major’s stock ended Monday at US$7.89, down roughly 8.5% from its pre-market opening price of US$8.62.
PropertyGuru was listed on the New York Stock Exchange after a business combination with Bridgetown 2, an entity backed by names such as Peter Thiel and Richard Li.
Before its official listing, the Singapore-based company said nearly 59% of shareholders in Bridgetown 2 redeemed their shares prior to giving approval to the business combination. The average redemption rate for SPAC deals sat at 52.4% in the third quarter of 2021, up 21.9% from the previous quarter.
PropertyGuru’s listing also comes after the company said it expects to hit positive adjusted EBITDA this year. It also recently reported that revenue for 2021 jumped 22.7% to US$73.8 million in 2021, 3.3% higher than its previous forecast.
Editing by Collin Furtado and Lorenzo Kyle Subido
(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.
