Singapore online real estate firm PropertyGuru weighs US listing via Spacs

PropertyGuru has operations in countries, including Vietnam, Indonesia, Malaysia and Thailand.
PropertyGuru has operations in countries, including Vietnam, Indonesia, Malaysia and Thailand.PHOTO: ST FILE

HONG KONG (BLOOMBERG) - PropertyGuru, the Singapore online real estate firm backed by private-equity firms KKR & Co and TPG Capital, is considering a US listing through a merger with a special purpose acquisition company (Spac), according to people familiar with the matter.

The company is working with a financial adviser on the potential deal, the people said, asking not to be identified because the deliberations are private. PropertyGuru's management is holding preliminary talks with several Spacs and aims to strike a deal as early as this year, the people said.

A merger with a blank-cheque company could value the combined firm at about US$1 billion (S$1.32 billion), the people said.

Deliberations are at an early stage and the company could decide not to proceed with the plan, the people said. A representative for PropertyGuru declined to comment.

Founded by entrepreneurs Steve Melhuish and Jani Rautiainen in 2007, PropertyGuru has become a household name in the property-crazed city-state. The real estate marketplace also has operations in countries, including Vietnam, Indonesia, Malaysia and Thailand.

The company scrapped plans for an initial public offering on the Australian stock exchange back in 2019 over valuation concerns. In September, it announced US$300 million in new funding from investors, including existing backers KKR and TPG. It acquired Malaysia's MyProperty Data in November for $1.7 million.

PropertyGuru would follow other South-east Asian start-ups in exploring a Spac listing in the United States. Those include Asian mixed martial arts firm One Championship, Bloomberg News has reported, as well as Traveloka, South-east Asia's biggest online travel start-up.