Singapore's PropertyGuru to Raise $257 in Australia IPO

PropertyGuru, one of Southeast Asia’s leading property technology companies, announced today it has lodged a prospectus with the Australian Securities and Investment Commission for an IPO that could potentially raise ASD 363 million (USD257 million).

According to KrAsia, founded in 2007, PropertyGuru operates digital property classifieds marketplaces in five countries across Southeast Asia, namely Singapore, Vietnam, Malaysia, Thailand and Indonesia.

Its intention to list in Australia was first reported by various outlets in early September. In 2018, it received a Series D funding of USD 145 million from US private equity firm KKR. The company claimed to be profitable and cash flow positive at that time.

In 2015, it raised USD 129 million from three investors: TPG from the US, Square Peg Capital from Australia and Indonesia-based media company Emtek Group.

PropertyGuru claims it serves about 23 million users monthly and has 60% consumer market share across its five operating markets in Southeast Asia.

Chairman Oliver Lim said in a press statement that housing demand in PropertyGuru’s markets is driven by strong population growth, urbanisation, smartphone penetration and rising wealth levels–and that such trends will continue shifting property advertising from print and other offline channels to online.

As reported by Bloomberg, proceeds from the offering will be used to pursue the company’s growth strategy, including an expansion into mortgage-financing services via an online mortgage marketplace.

Over the years, PropertyGuru has acquired a number of leading property listing sites in its respective Southeast Asian markets, including DDProperty (Thailand) in 2011, RumahDijual (Indonesia) in 2015 and Batdongsan.com.vn (Vietnam) in 2018.

Its main regional competitors are iProperty (which is already ASX-listed) and 99.co.