Proceeds from the offering will be used to further its growth strategy, which includes expanding its services to include mortgage financing and developing data offerings.
Online property classifieds portal PropertyGuru has lodged a prospectus with the Australian Securities and Investment Commission in relation to a planned initial public offering (IPO) on the Australian Securities Exchange (ASX), the Singapore-based firm announced in a press release on Monday.
According to the release, PropertyGuru is seeking buyers for 84.5 million to 93.3 million shares at A$3.70 to A$4.50 each, meaning the offer will raise up to A$380 million ($257 million).
Strong Growth
«We have established a strong market position in the Southeast Asian property ecosystem. Much of our success is the result of our strategic significant investment in technology,» CEO Hari V. Krishnan said in the statement, citing the firm's large investments in building an «integrated and differentiated» technology platform to cater to the opportunities in its core markets.
Founded in 2007, PropertyGuru operates digital classifieds marketplaces in five countries across Southeast Asia: Singapore, Vietnam, Malaysia, Thailand and Indonesia. In 2018, it received S$200 million from U.S. private equity firm KKR in a Series D funding round. It raised S$175 million from Texas-based TPG Capital, Indonesia's Emtek Group and Square Peg Capital in 2015.
According to the firm, it serves 23 million property seekers each month, and has a 60 percent market share in the countries in which it operates. It has recorded a compound annual growth rate of 26 percent over the past three years.
