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S’pore firm PropertyGuru to list in US on March 18, will be valued at US$1.78B after SPAC merger

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Back in 2019, online property marketplace PropertyGuru had scrapped plans for an initial public offering (IPO) on the Australian stock exchange over valuation concerns.

However, in July 2021, it announced that it will be pursuing a deal to go public through a merger with Bridgetown 2 Holdings, a special purpose acquisition company (SPAC) backed by billionaires Richard Li and Peter Thiel.

According to latest media reports, PropertyGuru is set to list on New York Stock Exchange (NYSE) on March 18 after the SPAC merger, which would value the company at about US$1.78 billion.

Strong growth from PropertyGuru

Earlier this month, PropertyGuru shared highlights of its full year 2021 performance. The Group had ended the year strongly as multiple key markets emerged from COVID-19 restrictions in Southeast Asia, and it expects this momentum to continue in the year ahead with leading positions in Singapore, Vietnam, Malaysia and Thailand.

For full year 2021, its total revenue increased by 22.7 per cent to S$100.7 million from S$82.1 million, reflecting rising confidence in the property market. This is also 3.3 per cent better than the Group’s 2021 forecast of S$97.5 million.

The Group also reaffirmed the positive outlook for 2022 with revenue projections of S$145.1 million, supported by strong momentum and growth across all markets as the region emerges from the pandemic impact. This would represent a year-on-year growth of 44 per cent.

“Despite the uneven recovery from COVID-19 across Southeast Asia, PropertyGuru continued to execute well in 2021 delivering strong financial results. Southeast Asia’s growth is being propelled by the long-term fundamentals of urbanisation, digitalisation and a rising middle class, and we exited 2021 with good momentum in the real estate sector in our key markets, as COVID-19 restrictions eased,” said Hari V. Krishnan, CEO and Managing Director of PropertyGuru Group.

Besides PropertyGuru, several other local companies are also seeking SPAC deals in the US.

Online classifieds marketplace company Carousell, for one, has been considering a US listing as early as June 2021. In January 2022, the company is reportedly in “exclusive talks” to go public through a SPAC merger with L Catterton Asia Acquisition Corp.

Carousell is also in talks to acquire PropertyGuru’s rival, real estate tech firm 99 Group, for US$150 million in a cash-and-stock deal.

Additionally, homegrown logistics startup Ninja Van has also expressed plans to go public in the United States this year.

Featured Image Credit: PropertyGuru

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