PropertyGuru, a Singapore-based online real estate portal backed by media conglomerate Emtek, is set to raise up to $257m when it floats on the Australian Stock Exchange, having set its price range at A$3.70 to $A4.50 (approximately $2.50 to $3.00).
Reports last month suggested the company could be seeking as much as $274m in proceeds and would likely aim for a valuation of $920m. PropertyGuru plans to set a price for the offering on October 24 before listing the following day.
Founded in 2007, PropertyGuru has built an online real estate agency offering more than 2 million properties for sale and rent across Singapore, Indonesia, Malaysia, Thailand and Vietnam.
PropertyGuru closed a $145m series D round led by private equity firm KKR’s Asian Fund III in October 2018. Emtek had taken part in its $130m series C round in 2015 alongside private equity group TPG and venture capital firm Square Peg Capital.
ImmobilienScout24, a real estate marketplace owned by telecommunications group Deutsche Telekom, exited PropertyGuru through the series C round having supplied $48m of funding for the company in 2012.
Tigris Capital, Finn Evdemon Capital Partners, Upstream Ventures and Steven Diggle had previously provided $800,000 in series A capital in 2008.
Emtek owns a 15.5% stake that will drop to 7.3% following the IPO, in which it plans to sell some 18.2 million of the 40.7 million shares it owns, netting it up to $55m.
TPG is the largest shareholder and its stake is set to be diluted from 30.4% to 26% in the offering. Other notable shareholders include KKR, which is in line for a 23.3% stake post-IPO, and Square Peg, which is set to retaina 4.4% stake after selling 5.48 million of its 18.9 million shares.
PropertyGuru’s co-founders own 11.6% of the company between them and will sell 8.3 million of their 30.5 million shares, with their stake to be reduced to 7.2%. Credit Suisse, KKR Capital Markets, TPG Capital and UBS are joint lead managers for the offering.
