The Singapore-based online real estate portal has revived plans to go public, this time via a merger with a blank cheque company.
PropertyGuru is holding preliminary talks with several special-purpose acquisition companies (SPACs), and aim to strike a deal for a a listing in the United States as early as this year, «Bloomberg» reported on Monday.
Deliberations are at an early stage, and a merger would value the combined entity at $1 billion, the report (behind paywall) said, citing people familiar with the matter.
Market Leader
PropertyGuru was founded in 2007 and has since grown its market share to 57 percent in Southeast Asia where it is also a market leader in five countries: Singapore, Vietnam, Malaysia, Thailand and Indonesia.
In September 2020, it raised $300 million from investors TPG and KKR to expand in Southeast Asia, and acquired Malaysia's MyProperty Data in November for S$1.7 million.
In 2019, the company nixed an initial public offering (IPO) on the Australian Securities Exchange (ASX), where it hoped to raise up to A$380 million ($257 million), citing «uncertainty in the current IPO market.»
