Southeast Asia’s largest property classified business—PropertyGuru— looked all set to stage a rare Southeast Asia exit this year. It filed for a $256-million initial public offering (IPO) on the Australian Securities Exchange (ASX) on 7 October.
On 23 October—a mere two days before the shares were set to trade—it cancelled the listing, citing market uncertainty. Its newly-appointed chairman, Olivier Lim, said PropertyGuru had a committed existing shareholder base and access to private capital markets in case it needed new funds.
The company had raised $125 million from Private Equity (PE) firms such as American firm TPG Capital, Indonesian media conglomerate Emtek Group, and Australian PE firm Square Peg Capital.