Latest News

PropertyGuru To Go Public Via Blank Check Merger



PropertyGuru, the Singapore-based online real estate firm, will be going public via special purpose acquisition company (SPAC), a Bloomberg report said Monday (July 19).

The company will be making a deal with Bridgetown 2 Holdings, which is backed by billionaires Peter Thiel and Richard Li.

The transaction might end up valuing PropertyGuru at $1.8 billion, according to confidential sources Bloomberg spoke with.

In addition, those sources said the deal will also include a PIPE, or private investment in a public entity. The PIPE is expected to be about $100 million to $150 million and anchored by institutional investors such as Australia-based REA Group.

The final details of the deal are being worked out now and might end up happening as early as next week, though the sources said the deal still isn’t a sure thing and may fall apart.

Back in January, Bridgetown 2 raised $300 million in a U.S. initial public offering (IPO), Bloomberg wrote. The shares last week were trading close to the debut price of $10.

In its prospectus, Bridgetown 2 said it planned to focus on the “new economy sectors,” like financial services, technology and media, in Southeast Asia.

PropertyGuru, founded in 2007, previously did away with its 2019 plans for an IPO on the Australian stock exchange amid concerns over valuation.

Last September the company announced a new funding round with $300 million in new funding. Investors included existing backers KKR & Co. and TPG Capital, Bloomberg wrote.

PYMNTS previously reported on PropertyGuru’s plans, writing that the company would be among others like One Championship, a martial arts firm, and Traveloka, the region’s biggest online travel startup, which have also looked at U.S. listings.

After the aforementioned September investments, PropertyGuru began looking into moving into other locations like Malaysia. In addition, the company began showing more interest in expanding product offerings, particularly digital alternatives for shopping for homes. That came amid a wide shift in the overall economy as COVID-19 forced many areas of business to change their offerings to be more online.




What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News