Singapore-based proptech company PropertyGuru is heading towards an initial public offering (IPO).
In a press release today, the Group announced they lodged a prospectus with the Australian Securities and Investment Commission to list on the Australian Securities Exchange (“ASX”), with an indicative price range of A$3.70 (S$3.45) to A$4.50 (S$4.20) per share.
If their final price hits the midpoint, the firm could raise around A$363 million (S$338 million).
PropertyGuru Chief Executive Officer Hari V Krishnan said they plan to use part of the proceeds for potential expansion into “an online mortgage marketplace and developing data offerings”.
“Through immersive content and proprietary technology, we aim to provide our property seekers, agent and developer customers with the right insights exactly when they need them.”
“Digital innovation is in our DNA and we plan to continue investments in technology with the objective of creating solutions that benefit all our audiences,” said Krishnan.
The IPO is slated to open from 16 October to 22 October 2019, with the final price to be announced on 24 October, Straits Times reported.
Established in 2007, PropertyGuru operates digital property classifieds marketplaces in Singapore, Vietnam, Malaysia, Thailand and Indonesia.
The firm says it now helps “over 23 million property seekers” find their dream home every month, and has a 60% market share across the five countries.
PropertyGuru Chairman Olivier Lim credits their growth opportunities to a number of market trends, such as strong population growth, urbanisation, rising wealth, and increasing internet and smartphone penetration.
Most recently, PropertyGuru secured US$145 million in a Series D funding round led by global investment firm KKR in 2018, bringing their total funding to S$436.2 million.
In the same year, the firm also said it had become cash flow positive.
Featured Image Credit: PropertyGuru
