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Going, going, gone

Almost-unicorn PropertyGuru’s missed IPO exit

The largest property classified business in Southeast Asia, PropertyGuru was hoping to be valued at a market capitalisation of $790 million after its IPO. But it withdrew the offering, and is down to almost 3% of that amount in cash and current assets. Looks like it’ll be a tough choice between profitability and growth

10/12/19

Ka Kay Lum

Though it boasts strong business fundamentals, PropertyGuru is actually not as profitable as it claims

The Australian Securities Exchange, where the company filed the IPO, lost nearly $1.5 billion first-time share sales in 2019 alone

Private equity investors were not keen on an exit either. And WeWork’s botched IPO did not help matters

The nature of the PE is to exit, argue analysts. It’s up to the companies to decide how and when to prepare for it, they say

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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.

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