Southeast Asian online realtor PropertyGuru Group is said to be planning to list on the ASX in the coming months.
PropertyGuru operates real estate classifieds sites in Asia as well as a number of other property related businesses. The company is one of Southeast Asia’s leading online property groups and operates in Singapore, Vietnam, Thailand, Malaysia and Indonesia.
One of their key offerings is B2B software FastKey, which helps property developers to manage distributing sales material, document generation and bookings.
According to a Reuters Report, PropertyGuru is planning an Australian IPO which could raise up to A$400 million, making it one of the biggest IPOs on the ASX this year. The IPO would value the company at $1.2 billion.
The Singapore-based PropertyGuru is already backed by some private equity heavyweights including TPG Capital, KKR and Square Peg.
While PropertyGuru is looking to expand into new markets for its real estate classifieds business, its key focus is building on the five markets that it is already a market leader in, according to reports.
In a move that looks to be setting itself up for listing on the ASX, PropertyGuru appointed two Australian-based directors to its board and named a new chairman.
CEO Hari Krishnan said that while no decision had officially been made, they are looking at a number of funding options.
“Over the last 12 years, we have matured as a business with both the scale and scope of our operations, so that in the last three years we delivered high growth revenue and in 2018 achieved profitability in this dynamic region of the world,” Mr Krishnan said.
According to the report, senior officials from the Singapore-based company will start meeting Australian investors in the next few weeks before starting their pitches to Asian and US investors.
