PropertyGuru to go public in US through US$1.78bn SPAC merger

PropertyGuru is merging with particular goal acquisition firm (SPAC) Bridgetown 2 Holdings, to go public on the New York Stock Exchange. The mixed firm may have an enterprise worth of about US$1.35 billion and an fairness worth of roughly US$1.78 billion at closing. PropertyGuru, backed by KKR, TPG Capital and REA Group, will retain over 70% possession of the listed firm. At the identical time, KKR, TPG Group and REA Group will roll 100% of their fairness into the mixed firm.
PropertyGuru’s administration workforce, led by CEO and MD Hari V. Krishnan (pictured) and CFO Joe Dische will proceed to lead the public firm after the completion of the transaction. According to PropertyGuru, the transaction is anticipated to ship up to US$431 million of gross proceeds, together with a US$100 million personal placement from buyers together with Baillie Gifford, REA Group, Naya, Akaris Global Partners, and one in all Malaysia’s largest asset managers. The transaction is anticipated to shut in the fourth quarter of 2021 or first quarter of 2022, topic to regulatory and stockholder approvals, and different customary closing situations. Bridgetown 2 Holdings is fashioned by Pacific Century Group and Thiel Capital. 
News of the merger with Bridgetown 2 particularly was first reported by Bloomberg in June. According to its sources then, the transaction might worth the mixed agency at as a lot as US$2 billion. News about PropertyGuru eyeing a US itemizing through a merger with a SPAC first surfaced in March this 12 months.
PropertyGuru at the moment has greater than 2.8 million month-to-month actual property listings and serves 37 million month-to-month property seekers and 49,000 lively property brokers throughout Singapore, Malaysia, Indonesia, Thailand and Vietnam. According to the corporate, it delivered common annual income development of roughly 25% in the 4 years previous the COVID-19 pandemic.
Over the previous 18 months, PropertyGuru has made strikes in the trade. In May, for instance, it acquired REA Group’s Malaysia and Thailand property, with the transaction anticipated to shut by the tip of this month to mid-August this 12 months. It additionally acquired Malaysian on-line property knowledge firm, MyPropertyData, and launched an immersive content material expertise named FastKey Storyteller.
On the advertising and branding entrance, it appointed Remona Duquesne to the newly created position of director of brand name overseeing Singapore, Malaysia, Vietnam, Indonesia, and Thailand in May this 12 months. Earlier this 12 months, it promoted Sushmita Mohapatra to head of content material advertising and Ryan Thoo to director of client advertising. Both people oversee all 5 markets that PropertyGuru is current in.
PropertyGuru just isn’t the primary firm in Southeast Asia in latest occasions to merge with a SPAC to go public. Grab, one other well-known firm in the area, introduced in April this 12 months that it’s merging with Altimeter Growth Corp, a SPAC, to go public in the US. The merger goals to elevate about US$4.5 billion in money and valuing Grab’s shares at US$39.6 billion.
Related articles:PropertyGuru acquires REA Group’s and Thailand entitiesPropertyGuru fingers Remona Duquesne keys to new director of brand name rolePropertyGuru’s model and client advertising lead exits, new director of brand name position createdCircles.Life’s Gaurav Gupta lands new position at PropertyGuruPropertyGuru MY hunts for advertising lead to oversee newly-acquired agency

You May Also Like

About the Author: Amanda