PropertyGuru, a Singapore-based online real estate portal that counts media group Emtek as an investor, today withrew its plans for an initial public offering that could have raised as much as $257m.
The company set the range for the offering earlier this month and was expected to price its shares tomorrow preceding a listing on the Australian Stock Exchange on Friday. It cited uncertainty in the current IPO market for its decision.
Olivier Lim, PropertyGuru’s chairman, said: “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.”
PropertyGuru runs an online real estate agency listing more than 2 million properties for sale and rent. and is currently active in Singapore, Indonesia, Malaysia, Vietnam and Thailand.
The company has raised at least $323m in funding, most recently completing a $145m series D round led by private equity firm KKR’s Asian Fund III in October 2018.
Emtek owns a 15.5% stake in PropertyGuru, having taken part in its $130m series C round in 2015 together with TPG and Square Peg Capital. It was looking to sell approximately 18.2 million of its 40.7 million shares for up to $55m.
The company’s earlier backers include Tigris Capital, Finn Evdemon Capital Partners, Upstream Ventures and Steven Diggle, and TPG and KKR own 58% of its shares between them.
Credit Suisse, KKR Capital Markets, TPG Capital and UBS were joint lead managers for the offering.
