Serious PropertyGuru To Seek IPO In Australia Instead Of Singapore! What The Fuck!!!

[JohnTan]

SINGAPORE: Southeast Asian online realtor PropertyGuru filed a prospectus in Australia seeking an initial public offering (IPO) that could raise as much as A$380.2 million (US$257 million).

PropertyGuru, whose backers include buyout firms TPG Capital and KKR, has set an indicative price range of A$3.70 to A$4.50 apiece, according to its prospectus filed with the Australian Securities and Investment Commission on Monday (Oct 7).

Last month, Reuters had reported the Singapore-based company's plans to list in Australia.

PropertyGuru operates in Singapore, Vietnam, Thailand, Malaysia and Indonesia.

"We intend to use part of the proceeds from the offering to pursue our growth strategy," PropertyGuru's CEO Hari Krishnan said in a statement, adding that the company was looking at providing property seekers in the company's core markets with access to mortgage financing through an online mortgage marketplace.

"PropertyGuru's proforma revenue has grown at a 26 per cent compound annual growth rate over the last three years. 2018 also marked the first year PropertyGuru became both EBITDA and free cash-flow positive," Krishnan said.


PropertyGuru is set to have an indicative market value of up to A$1.36 billion. The retail offer will open on Oct 16 and close on Oct 22, and trading is set to begin on Oct 25.

Credit Suisse, KKR Capital Markets, TPG Capital BD and UBS are the joint lead managers to the IPO.


Read more at https://www.channelnewsasia.com/news/business/propertyguru-ipo-australia-prospectus-raise-11976168

 

[congo9]

Singapore SGX is done and dusted.

 

[aerobwala]

When ID was charged and jailed for disclosure mishaps, investment communities were shivered and S chips quietly dove to exit door.

 

[JohnTan]

PropertyGuru is so ungrateful. They made most of their money in Singapore and now want to list in Australia instead of here.

 

[Scrooball (clone)]

SGX is so pathetic. Only second rate tiong companies come here

 

[STUCK_HERE]

Good. List in Sinkapore so what, any money go your pocket? List in AU better, nobody know their coy, won't buy their stock

 

[Insider Player]

A local property app can be worth over a billion?

 

[borom]

Irrational exuberance in a falling market !

 

[KuanTi01]

It's a tight slap on the SGX! Damn malu for SGX MAS and it's political masters!

 

[Soul]

shall see where 99.co, Grab and Gojek will list

 

[hofmann]

PropertyGuru is so ungrateful. They made most of their money in Singapore and now want to list in Australia instead of here.

Welcome to the real world, John.

 

[aerobwala]

Two days ago a Singapore car repairer also listed in Hong Kong.

Stock code last digit kena cut by half otherwise would be double HUAT 3rd price at yesterday 4D.

 

[syed putra]

Founder of property guru is australian. With a local or malaysian wife i think.

 

[Soul]

Propertyguru is impressive. Imagine you are Propnex or ERA, with thousands of agents yet they can't produce a portal to match Propertyguru.

 

[Insider Player]

What ever happened to iProperty? I thot they wanted go public also?

 

[congo9]

Propertyguru is impressive. Imagine you are Propnex or ERA, with thousands of agents yet they can't produce a portal to match Propertyguru.

That's the problem.
CEO cant think of way to spin more money.

 

[Hypocrite-The]

PropertyGuru not proceeding with Australia IPO
A PropertyGuru banner seen in Singapore. (File photo: Facebook/PropertyGuru.com.sg)
23 Oct 2019 11:42AM
(Updated: 23 Oct 2019 12:03PM)
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SINGAPORE: Southeast Asian online realtor PropertyGuru announced on Wednesday (Oct 23) that it has decided not to proceed with its proposed initial public offering (IPO) on the Australian Securities Exchange (ASX).
Its IPO would have raised about A$380.2 million (S$355 million).
In a media release, the Singapore-based company cited "uncertainty in the current IPO market" as the reason for withdrawing its IPO, despite strong investor support from a number of leading global and Australian investors.
“Despite strong engagement throughout the process with prospective investors, the Board and existing shareholders have determined not to proceed with the offer," said PropertyGuru chairman Olivier Lim.
"This decision took into account current IPO market sentiment. Should the company seek new funds to support our identified growth opportunities, we have a committed existing shareholder base as well as access to private capital markets.”
According to the media release, PropertyGuru continues to have the support of its existing shareholders. It said that both major shareholders, TPG and KKR, representing aggregate ownership of 58 per cent, were not seeking to sell any shares at IPO, and had entered into voluntary escrow arrangements until February 2021.
"The company remains positive in its outlook for the performance of the business. Importantly, the company does not require new funds to be raised to fund its current business operations," said PropertyGuru.
According to its prospectus filed with the Australian Securities and Investment Commission on Oct 7, PropertyGuru's IPO was set at an indicative price range of A$3.70 to A$4.50 apiece.
PropertyGuru had Credit Suisse, KKR Capital Markets, TPG Capital BD and UBS as the joint lead managers to the IPO.
PropertyGuru CEO Hari V Krishnan said: "Over the last several years, we have built a team and business which has been committed to building transparency and efficiency in the Southeast Asian real estate markets.
"Our team remains committed to pursuing our mission, given the size of the opportunity available to us, and our track record of sustainable and profitable growth."
Source: Reuters/CNA/ic(rw)

 

[laksaboy]

Relax, SGX will always have excellent companies such as SPH, Sakae, Hyflux and Singtel.

 

[krafty]

face it! s'pore companies are no match for chinese investors here in oz.

 

[krafty]

Relax, SGX will always have excellent companies such as SPH, Sakae, Hyflux and Singtel.

lmao