PropertyGuru *Official * (NYSE: PGRU)

[Shion]

PropertyGuru weighs US listing via blank-cheque company

https://www.straitstimes.com/busine...ru-weighs-us-listing-via-blank-cheque-company

HONG KONG (BLOOMBERG) - PropertyGuru, the Singapore online real estate firm backed by private-equity firms KKR & Co and TPG Capital, is considering a US listing through a merger with a special purpose acquisition company (Spac), according to people familiar with the matter.

The company is working with a financial adviser on the potential deal, the people said, asking not to be identified because the deliberations are private. PropertyGuru's management are holding preliminary talks with several Spacs and aim to strike a deal as early as this year, the people said.

A merger with a blank-cheque company could value the combined firm at about US$1 billion (S$1.32 billion), the people said.

Deliberations are at an early stage and the company could decide not to proceed with the plan, the people said. A representative for PropertyGuru declined to comment.

Founded by entrepreneurs Steve Melhuish and Jani Rautiainen in 2007, PropertyGuru has become a household name in the property-crazed city-state. The real estate marketplace also has operations in countries including Vietnam, Indonesia, Malaysia and Thailand.

The company scrapped plans for an initial public offering on the Australian stock exchange back in 2019 over valuation concerns. In September, it announced US$300 million in new funding from investors including existing backers KKR and TPG. It acquired Malaysia's MyProperty Data in November for $1.7 million.

PropertyGuru would follow other South-east Asian start-ups in exploring a Spac listing in the US. Those include Asian mixed martial arts firm One Championship, Bloomberg News has reported, as well as Traveloka, South-east Asia's biggest online travel startup.

 

[Eraval]

Interesting, but as an idiot, why would they want to get listed? What benefits would there be for them? To expand into the US market?

If listed, the local in me will be gian to get some lol, simply for the number of times I used that site..

 

[MrSinkie95]

is their revenue strong?

 

[DevilPlate]

is their revenue strong?

Used to be damn good growing revenue for past 10 years....Now stagnant growth liao

I suspect insiders wana cash out to retail suckers via IPO.

 

[Shion]

Peter Thiel-backed SPAC eyes merger with PropertyGuru: Report

https://www.dealstreetasia.com/stories/bridgetown-spac-propertyguru-244989

 

[Shion]

PropertyGuru reports net loss of $11.8 mil, sees 7.2% lower revenue of $82.1 mil for FY2020​

https://www.theedgesingapore.com/ca...-118-mil-sees-72-lower-revenue-821-mil-fy2020
For the FY2020 ended December, real estate portal PropertyGuru has reported a net loss of $11.8 million, from a net loss of $39.8 million in the FY2019.

The company also saw revenue of $82.1 million during the FY2020, 7.2% lower than FY2019’s revenue of $88.4 million, and significantly below the $105 million projected in its 2019 prospectus from its aborted IPO attempt on the Australian Stock Exchange.

This is also the first time since 2017 that the company has seen a dip in revenue for its full-year figures.

The most recent FY2020 figures were from PropertyGuru’s filings with the Accounting and Corporate Regulatory Authority (ACRA).

The $82.1 million includes other income of $2.8 million, of which around $1.8 million were from the Jobs Support Scheme (JSS).

The IPO, which was expected to raise some A$380.2 million ($383.3 million), was cancelled due to the volatility in the market.

According to the company’s financial statements, PropertyGuru also saw a fair value loss of $15.1 million on conversion option of Series B preference shares, compared to the $16.0 million gain in FY2019.

In FY2020, PropertyGuru saw a fair value loss of $2.6 million on Series C preference shares, compared to the $1.2 million gain in FY2019.

As at Dec 31, 2020, PropertyGuru’s total liabilities exceeded its total assets by $42.9 million compared to the $39.4 million posted in FY2019.

According to tech publication TechInAsia, citing VentureCap Insights, PropertyGuru’s valuation fell between its Series E and F funding rounds, from US$723 million ($978.9 million) to US$692 million respectively.

On Jan 30, 2020, the company issued 84,705 Series E preference shares at $317.90 apiece. PropertyGuru, during that round, received $26.9 million for the total shares issued.

On Sept 7, 2020, PropertyGuru issued 210,526 Series F preference shares at $285 apiece, where it received a total of $60 million for the shares.

 

[starbugs]

In SE Asia, there are many property listings sites that have surpassed propertyguru's. Their website and business model are quite easily duplicated. Not worth 1bil or even 100mil.

 

[Shion]

PropertyGuru nearing US$1.8b merger with Peter Thiel Spac​

https://www.straitstimes.com/busine...ru-nearing-us18b-merger-with-peter-thiel-spac
SINGAPORE (BLOOMBERG) - Singapore's online real estate firm PropertyGuru is nearing a deal to go public through a merger with Bridgetown 2 Holdings, the blank-check company backed by billionaires Richard Li and Peter Thiel, according to people with knowledge of the matter.

A transaction could value the combined entity at about US$1.8 billion, the people said, asking not to be identified because the matter is private. The deal will also include a private investment in public entity, or PIPE, of about US$100 million to US$150 million, anchored by institutional investors including Australia's REA Group, the people said.

The parties are hammering out the final details and an announcement could come as early as this week, the people said. Discussions could still face delays or even fall apart, they added. Representatives for PropertyGuru and Bridgetown 2 declined to comment, while a representative for REA Group didn't immediately respond to requests for comment.

Bridgetown 2 has been in talks to merge with PropertyGuru, Bloomberg News first reported in June. The special purpose acquisition company raised about US$300 million in a US initial public offering in January and its shares were trading close to their debut price of US$10 last week. The blank-check firm set out in its prospectus that it will focus on targets in the so-called "new economy sectors" including technology, financial services or media in South-east Asia.

Founded by entrepreneurs Steve Melhuish and Jani Rautiainen in 2007, PropertyGuru has become a household name in the property-crazed Singapore. The real estate marketplace also has operations in countries including Vietnam, Indonesia, Malaysia and Thailand.

The company scrapped plans for an initial public offering on the Australian stock exchange back in 2019 over valuation concerns. In September, it announced US$300 million in new funding from investors including existing backers KKR & Co and TPG Capital.

In May, PropertyGuru Pte agreed to acquire all of the shares in REA Group's operating entities in Malaysia and Thailand, marking the biggest acquisition in its 14-year history. As part of that deal, REA Group, which is majority-owned by Rupert Murdoch's News Corp empire, will get an 18 per cent equity interest in PropertyGuru and appoint a director to its board.

 

[Shion]

PropertyGuru to go public in merger with SPAC backed by Richard Li, Peter Thiel​

https://www.channelnewsasia.com/new...u-spac-merger-richard-li-peter-thiel-15282084
Southeast Asian online realty company PropertyGuru on Friday (Jul 23) agreed to go public through a merger with a blank-check firm backed by billionaires Richard Li and Peter Thiel, giving the combined company an equity value of about US$1.78 billion.

The deal with Bridgetown 2 Holdings, a special purpose acquisition company (SPAC), is expected to fetch proceeds of $431 million, including a private investment of US$100 million from Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia's largest asset managers.

Australia's REA Group has also committed to an additional US$32 million investment, PropertyGuru said.

The combined company will be listed on the New York Stock Exchange once the deal is finalised, PropertyGuru said in a statement.

The transaction is a major development for PropertyGuru which had planned to list in Australia in October 2019 when it tried to raise about A$380 million.

A listing never happened though and the float was pulled, which the company attributed to uncertain market conditions at the time.

Founded in 2007, PropertyGuru currently hosts more than 2.8 million monthly real estate listings. It also serves 37 million property seekers a month and 49,000 active property agents across Indonesia, Malaysia, Singapore, Thailand and Vietnam.

The company offers digital property marketplaces to match buyers and tenants with sellers and landlords, as well as digital marketing for property agents and developers.

"The market for property is probably the oldest market in the world, and only now is it beginning to change rapidly," said Peter Thiel, president of Thiel Capital.
"As PropertyGuru spearheads that change in Southeast Asia, Bridgetown 2 will provide capital and expertise to accelerate it even further," he said.

The combined company will have an enterprise value of about US$1.35 billion. The deal is expected to close in the fourth quarter of 2021 or the first quarter of 2022.

Merrill Lynch (Singapore) Pte Ltd is serving as exclusive financial advisor to PropertyGuru on the deal.

 

[proton_cannon]

In SE Asia, there are many property listings sites that have surpassed propertyguru's. Their website and business model are quite easily duplicated. Not worth 1bil or even 100mil.

the path to growing property guru is like what the giants of e-property platform like ZIlliow as done. Zillow make use of their team of specialists + AI solutions to identify and buyout potential properties that are listed and inventory them to resale. Now they even offer sellers immediate one stop shop cash out and even additional financing solutions for sellers next property if they are willing to sell lower to the the sites.

 

[starbugs]

the path to growing property guru is like what the giants of e-property platform like ZIlliow as done. Zillow make use of their team of specialists + AI solutions to identify and buyout potential properties that are listed and inventory them to resale. Now they even offer sellers immediate one stop shop cash out and even additional financing solutions for sellers next property if they are willing to sell lower to the the sites.

Yes. Not just Zillow

One specific example in SE Asia that I was referring to is Fazwaz.com founded by an angmo in Thailand. It has a feature that provides an AI guidance on what is the fair price that a buyer can counter to the seller's asking price. The search can also filter by many more variables than propertyguru can. PG's interface has basically been stuck in time for the past five years.

What's more Fazwaz is giving listings for free and they are just one of many similar startups.

 

[Shion]

PropertyGuru set for US listing by Q1, says CEO​

https://www.straitstimes.com/busine...ropertyguru-set-for-us-listing-by-q1-says-ceo
SINGAPORE (THE BUSINESS TIMES) - Real estate marketplace PropertyGuru expects to complete its listing on the New York Stock Exchange within the first quarter despite signs of waning investor interest in special purpose acquisition companies (Spacs).

The company's Form F-4 registration statement, required for the trading of shares in the US public market, was approved by the Securities and Exchange Commission and declared effective on Monday (Feb 14), chief executive officer Hari Krishnan said in a business update on Tuesday.

PropertyGuru in July last year announced plans to go public through a merger with Bridgetown 2 Holdings, a blank-cheque company backed by billionaires Richard Li and Peter Thiel, in a US$1.78 billion (S$2.4 billion) deal.

The transaction involves a private investment in public equity, or PIPE, of about US$100 million. PIPE investors include Baillie Gifford, Naya, REA Group, Akaris Global Partners and one of Malaysia's largest asset managers. REA Group also committed to invest an additional US$32 million.

Bridgetown 2 Holdings shares are down more than 18 per cent since its market debut in January 2021.

Spacs are increasingly falling out of favour with investors after an initial boom, following regulatory clampdowns, an oversupply of Spacs and concerns over rising interest rates. Grab went public in December in the largest Spac deal but its shares have since dived over 30 per cent.

Despite the challenging environment, Mr Krishnan is optimistic that PropertyGuru's listing will position it to benefit from post-pandemic growth.

He said the company recorded a 17.9 per cent revenue growth in the first half of 2021 compared with a year before.

In Singapore, PropertyGuru increased agent subscription prices on average by 15 per cent in November 2021. Mr Krishnan said the company believes this was "enabled by rising property prices, solid agent and consumer confidence and PropertyGuru's strong market position".

In Vietnam, new property listings on Batdongsan.com.vn increased 4.5 times in December 2021 compared with August 2021. This was "driven by a sharp recovery in real estate market activity as the Vietnamese government eased Covid-19-related lockdown measures in Q4 2021", Mr Krishnan added.

In Malaysia, PropertyGuru has integrated iProperty.com.my into its operations and will focus on cross-selling opportunities.

"We believe the region's property market will have a strong recovery driven by positive fundamentals of urbanisation, digitalisation and a rising middle class," Mr Krishnan said.

PropertyGuru's rival 99 Group, which runs marketplaces 99.co, iProperty.com.sg and Rumah123.com, is in talks to be acquired by online classifieds unicorn Carousell, The Business Times reported last week.

The negotiations come ahead of a potential public listing for Carousell, which is in the midst of merger discussions with blank-cheque company L Catterton Asia Acquisition. Carousell is looking to take a deeper bite of the region's property market as it doubles down on high-value transactions.

 

[Shion]

PropertyGuru to begin trading on NYSE on March 18 after Spac merger​

https://www.straitstimes.com/busine...trading-on-nasdaq-on-mar-18-after-spac-merger
SINGAPORE (THE BUSINESS TIMES) - Singapore-based property listings platform PropertyGuru is set to list on the New York Stock Exchange (NYSE) in the middle of this month after a business combination with Bridgetown 2 Holdings, a special-purpose acquisition company (Spac).

This would happen after - it is assumed - shareholders vote in favour of the business combination in an extraordinary general meeting on March 15. Bridgetown 2 is backed by billionaires Peter Thiel and Richard Li.

The Spac merger values PropertyGuru at about US$1.78 billion (S$2.4 billion).

Spacs are shell firms that raise money from institutional and retail investors via market listings, and put it in a trust for the purpose of merging with a private company and taking it public.

While the United States has been a go-to market for Spacs, Asian bourses such as in Singapore and Hong Kong have also recently introduced frameworks for such listings. Since the Singapore Exchange introduced its Spac framework last September, three Spacs have gone public.

Spacs are increasingly falling out of favour with investors after an initial boom, following regulatory clampdowns, an oversupply of Spacs and concerns over rising interest rates.

Shares of Bridgetown 2, for instance, have been down more than 20 per cent since its market debut in January 2021.

PropertyGuru, which provides real estate services to countries in South-east Asia, saw growth in Singapore, Vietnam and Malaysia over financial year 2021.

It posted a revenue of $100.7 million, an increase of 22.7 per cent from $82.1 million a year prior. This was also above the projected FY2021 revenue of $97.5 million.

In Singapore, PropertyGuru increased agent subscription prices by 15 per cent on average in November 2021, which its chief executive officer Hari Krishnan last month attributed to "rising property prices, solid agent and consumer confidence, and PropertyGuru's strong market position".

The company is forecasting FY2022 revenue to grow 44 per cent year on year to $145.1 million, and is expected to be adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) positive.

Meanwhile, local online classifieds platforms Carousell is also seeking a Spac deal in the US via a merger with blank-cheque company L Catterton Asia Acquisition.

 

[yoongf]

Hmm.. whole article no mention abt Profit?

 

[ctstalin]

Debuts tonight as PGRU

Going the way how most SPACS have went?

 

[Shion]

PropertyGuru starts trading on NYSE; price falls after opening​

https://www.businesstimes.com.sg/garage/propertyguru-starts-trading-on-nyse-opens-at-us861
PROPERTY listing platform PropertyGuru debuted on the New York Stock Exchange (NYSE) at US$8.61 on Friday (Mar 18), and then fell US$0.72 or 8.4 per cent to a low of US$7.89 after trading began.

The listing, which counts as another Singapore unicorn delivering an exit to investors after similar moves by Grab and Sea, follows an aborted listing attempt on the Australian Securities Exchange in 2019. PropertyGuru was founded 15 years ago by Steve Mulhuish and Jani Rautiainen.

It listed via a business combination with special-purpose acquisition company (SPAC) Bridgetown 2, which is backed by billionaires Peter Thiel and Richard Li.

Hari Krishnan, chief executive officer of PropertyGuru, said: "As we look ahead, we will continue to invest in technology and expand our services and offerings to build on our leading positions in Singapore, Vietnam, Malaysia and Thailand."

PropertyGuru has been valued at an enterprise value (the value of the business without the equity structure) of US$1.4 billion; its equity value is US$1.6 billion. The platform secured US$100 million in private investment in public equity (PIPE) from asset managers Ballie Gifford, Naya Capital, Akaris Global Partners and an undisclosed Malaysian asset manager. Australian-listed property platform REA Group also chipped in for the PIPE.

In addition to the PIPE investment, REA Group invested an additional US$32 million, and along with private equity firms, KKR and TPG Group, rolled 100 per cent of their PropertyGuru equity, not exiting their holdings with the listing.

The property listing platform received US$254 million in gross proceeds comprising the above investments as well as US$122 million from Bridgetown 2's trust account. Shareholder redemptions for the SPAC was at 59.3 per cent, with a value of US$177.4 million.

PIPE investors are subject to a lock-up of 30 days, sponsor shares are subject to a lock-up of a year, and founder shares can only be released from a lock-up if the last sale price of shares exceeds US$12.00 a share for 20 trading days in a 30 day-period after 150 days from the business combination.

PropertyGuru is listing amid a challenging environment for tech companies, as shares of US-listed Sea and Grab are down some 58 per cent this year after disappointing earnings reports.

In its latest FY2021 results, PropertyGuru reported a revenue increase of 22.7 per cent from S$82.1 million to S$100.7 million; this was 3.3 per cent higher than its projections. The company said it was on track to return to positive adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) this year. Adjusted Ebitda excludes share-based payments, costs of its recent acquisition and integration of REA Group in Malaysia, one-off and ongoing costs of listing and impact from listing proceeds investments.

 

[theMKR]

moi ish thinking a short term buy and a long term sell on this..... I dun see whats the point of them paying all the fees to be listed in US..... what are the plans?

but moi ish a perma bear....

 

[Shion]

PropertyGuru’s Q2 net income in the black for the first time since US listing​

https://www.businesstimes.com.sg/co...the-black-for-the-first-time-since-us-listing
PROPERTY portal PropertyGuru is the first among Singapore-based startups to turn profitable following its listing in the United States in March.

For the first time since its listing, the property portal reported on Thursday (Aug 25) that its net income for the second quarter of FY2022 ended Jun 30 had turned positive, coming in at S$3.8 million.

This is a reversal from a net loss of S$139.8 million in the same quarter a year ago.

PropertyGuru’s revenue increased 44.3 per cent year on year to S$33 million from S$23 million over the same time period. For the first half of FY2022, revenue came in at S$61.3 million.

The proptech company said in a statement that this was balanced with growth across all markets and business segments.

“Investments made over the last 2 years are gaining traction now, as real estate markets emerge from the pandemic-induced slowdown,” it said.

Its Malaysia marketplace segment recorded the highest revenue growth, increasing from S$2.2 million to S$5.9 million, a jump of 169.7 per cent.

Revenue for its Singapore marketplace increased by 30.6 per cent to S$17.3 million, from S$13.2 million over the same period.

Its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) was S$3 million in the second quarter of FY2022, a reversal from a loss of S$2 million a year ago.

Its earnings per share, attributable to shareholders of the New York-listed company, is also in the black at 2 cents per share, compared to a loss of US$2.48 per cent share over a year ago.

PropertyGuru maintains its full-year outlook of approximately 44 per cent revenue growth, driven by the strong start to 2022 and growth across all core markets.

It expects to return to full-year positive adjusted Ebitda, as it realises the full benefits of its pandemic-period investments. However, it also cautioned that this outlook could be hit by uncertainty around rising inflation and interest rates, government policy and fiscal intervention, political instability and other macro factors.

Hari Krishnan, the company’s chief executive officer and managing director, said that its strategy of increasing its customer value proposition is proving effective, as returns on investments made over the past few years have begun to come in.

“Going forward, we expect to capitalise on both organic and inorganic opportunities to further expand our world-class solutions to customers. Even with our growing business strength, we remain vigilant around potential market challenges from rising inflation and interest rates and other global macro headwinds,” he added.

PropertyGuru’s share price closed 0.9 per cent or 4 US cents lower at US$4.68 on Wednesday, New York time.

 

[Shion]

PropertyGuru acquires home service technology startup​

https://www.businesstimes.com.sg/co...guru-acquires-home-service-technology-startup
SINGAPORE-BASED online real estate firm PropertyGuru has acquired a local home service technology startup, Sendhelper, for an undisclosed sum.

This acquisition signals PropertyGuru’s entry into the home services industry, said the company in a press statement issued Friday (Oct 14). The group does not expect the move to have a material impact on their FY2022 results.

Sendhelper is an online platform that allows homeowners and tenants to search for and book home services, such as cleaning, air conditioner maintenance, and handyman and repair services.

The startup’s network includes over 2,000 trained and verified freelance service providers, according to PropertyGuru.

“With the addition of Sendhelper, PropertyGuru will become the one-stop destination for property seekers to not only find, finance and own their dream home, but also manage and maintain it,” it said.

The real estate firm added that the acquisition will have long-term growth opportunities for the group, especially as it expands into the fintech and data industry while continually investing in its core business as a property marketplace.

Shyn Yee Ho-Strangas, managing director, data and software solutions of PropertyGuru, said the group will work with Sendhelper in the coming months to develop more tech solutions to improve customers’ experience.

“We aim to be a force for innovative and game-changing solutions that guide people to make confident property decisions,” she said.

 

[Shion]

PropertyGuru cuts Q1 losses by 91.5% to $10.2m​

https://www.straitstimes.com/business/propertyguru-cuts-losses-by-915-to-102m-in-q1
SINGAPORE – New York-listed PropertyGuru slashed net losses by 91.5 per cent for its first quarter ended March 31 to $10.2 million, from $120.3 million in the same period a year earlier.

Revenue for the first quarter rose 15.6 per cent year on year to $32.6 million, from $28.2 million previously.

The company’s marketplaces continued to be the main source of its revenue, bringing in $31.2 million in the first quarter of 2023, a 14.7 per cent increase from the $27.2 million in the same quarter in 2022.

Revenue from the Singapore marketplace grew 25.6 per cent year on year to $18.8 million. This was just ahead of its Malaysia marketplace, which increased 25.5 per cent year on year to $6.8 million.

PropertyGuru said that in Singapore, its average revenue per agent was up 19 per cent from 2022’s first quarter, while the number of overall agents in Singapore was up by more than 200 from the end of 2022 to 15,765.

The company’s first-quarter 2023 revenue in Vietnam, however, shrank 34.2 per cent to $3.3 million, from nearly $5.1 million a year earlier. It said its number of listings in Vietnam was down by nearly a third, decreasing 32 per cent over the same period to 1.1 million – the result of government action to tighten credit.

Meanwhile, its fintech and other data services business raked in $1.4 million in the first quarter – a 40.1 per cent jump from just over $1 million for the first three months of 2022.

Its loss per share for the period was six cents, compared with 90 cents for the same period in 2022. This was on the back of a 73.6 per cent year-on-year drop in expenses to $42.2 million, from $159.9 million previously. A significant portion of its first-quarter 2022 expenses, however, were either share-listing expenses or legal and professional fees incurred for its initial public offering.

The company’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) tumbled 60.3 per cent to $220,000 for the first quarter of 2023, compared with $554,000 a year earlier. It had cash and cash equivalents of $294 million on hand at the end of the quarter.

PropertyGuru further reiterated its previous forecast for financial year 2023 of revenue between $160 million and $170 million and an adjusted Ebitda of between $11 million and $15 million.

While the group remains bullish on its growth trajectory over the long term, it cautioned that short-term performance could be affected by stamp-duty increases in Singapore, residual political uncertainty in Malaysia, and “a lack of clarity in global fiscal policy stemming from rising interest rates”.

“Vietnam remains the primary challenge in the near term, as governmental monetary policy has significantly impacted real estate transaction activity. We believe that these pressures will begin to abate in the latter part of 2023 and into 2024,” said Mr Hari V. Krishnan, chief executive and managing director of PropertyGuru.

“We are encouraged by the types of strategic mergers and acquisitions opportunities we are seeing in the marketplace as we continue to explore and evaluate adjacent opportunities to deploy available capital,” noted chief financial officer Joe Dische. THE BUSINESS TIMES