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Roehl Niño Bautista · · 1 min readSingapore’s PropertyGuru plans US listing, eyes Asia next
“PropertyGuru, the Singapore-based property technology company that agreed to be taken over last week by Richard Li Tzar-kai’s special public acquisition company (SPAC), may consider an Asian listing in the future after it goes public in New York,” reported South China Morning Post.
Details:
- PropertyGuru CEO Hari Krishnan said the firm is looking to list on the New York Stock Exchange in the fourth quarter, two years after the company dropped plans for a public listing in Australia. PropertyGuru aims to position itself as a “gateway” to real estate in Southeast Asia.
- The US has a deep capital pool and mature investors when it comes to tech businesses, Krishnan was quoted as saying.
Dive deeper:
- This listing plans follow PropertyGuru’s merger deal with Bridgetown 2, a SPAC backed by Peter Thiel and Richard Li. The deal gave the online real estate giant an enterprise value of roughly US$1.35 billion and an equity value of about US$1.78 billion.
- A look at PropertyGuru’s 2020 numbers showed that its revenue was lower than projections made in 2019. The real estate industry is among the markets worst hit by Covid-19.
Editing by Miguel Cordon and Arpit Nayak
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