IPO take two

Keen to list, PropertyGuru plays a timely game of Monopoly in Malaysia

The Singapore-based property biz had to scrap its IPO in 2019. But investors need an exit, and SPACs are now an option. So, PropertyGuru is ramping up in Malaysia, starting with acquiring its competition’s business in the region

Ka Kay Lum, 23 Jun 2021

It’s looking at a SPAC opportunity via Bridgetown 2—backed by Hong Kong tycoon Richard Li and US investor Peter Thiel

Also, PropertyGuru is now seeking a US$2 billion valuation, and is building up to legitimately qualify for that post-SPAC number

The company recently struck a deal with REA Group, where it will be taking over the latter’s Malaysian and Thai businesses

Malaysia is the last stop for PropertyGuru, which has been in competition with REA Group’s iProperty for the #1 spot

For Singapore-based property classified business PropertyGuru, 2019 was annus horribilis, as it had to call off its listing plans just two days before its shares were set to trade on the Australian Securities Exchange (ASX). (We’d written about this missed IPO missed IPO The Ken Almost-unicorn PropertyGuru’s missed IPO exit Read more then.)

Then came the pandemic. The company’s revenue in 2020 fell to S$82.1 million (US$61.2 million) from S$88.4 million (US$66 million).

AUTHOR

Ka Kay Lum

Based in Kuala Lumpur, Ka Kay covers investment activities, aka following the money, across Southeast Asia and in-depth stories on the often-overlooked Malaysian startup ecosystem. She was previously a regional writer for Nikkei-owned DealStreetAsia.

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