The firm said it remains positive in its outlook for the performance of the business and does not require new funds to be raised for its current business operations.
Homegrown real estate portal PropertyGuru will not proceed with its planned initial public offering (IPO) on the Australian Securities Exchange (ASX), citing «uncertainty in the current IPO market,» the Singapore-based firm announced in a press release on Wednesday.
The portal, which earlier in October lodged a prospectus with the Australian Securities and Investment Commission in relation to the IPO, had planned to raise up to A$380 million ($257 million) with the offer.
Committed Shareholder Base
The statement highlighted the support of existing shareholders, including TPG and KKR, which hold a combined 58 percent stake. It said they did not plan to sell any shares in the IPO and entered into voluntary escrow arrangements until February 2021.
«Despite strong engagement throughout the process with prospective investors, the Board and existing shareholders have determined not to proceed with the offer. This decision took into account current IPO market sentiment,» chairman Olivia Lim said.
