PropertyGuru, a Singapore-based online real estate portal backed by media conglomerate Emtek, is gearing up for an initial public offering in Australia that could raise as much as A$400m ($274m), Reuters reported today.
The company will begin meeting investors in Australia within the coming weeks before launching a roadshow aimed at US and Asia-based investors, undisclosed sources told Reuters, adding that it has appointed UBS and Credit Suisse as joint lead managers.
A spokesperson for PropertyGuru said no decision had been made regarding an IPO, and that the company was exploring a range of strategic funding options.
Founded in 2007, PropertyGuru has created an online real estate agency that is active in Singapore, Indonesia, Malaysia, Thailand and Vietnam. Between them, the five platforms list more than 2 million properties for sale and rent.
The company most recently secured $145m in a series D round led by private equity firm KKR’s Asian Fund III in October 2018. Emtek contributed to its $130m series C round in 2015, investing with private equity group TPG and venture capital firm Square Peg Capital.
The series C round also enabled ImmobilienScout24, a real estate marketplace owned by telecommunications group Deutsche Telekom, to exit PropertyGuru.
ImmobilienScout24 had supplied $48m in series B capital for the company in 2012, adding to $800,000 in series A funding from Tigris Capital, Finn Evdemon Capital Partners, Upstream Ventures and Steven Diggle in 2008.
