PropertyGuru to bet on fintech, S-E Asia markets as it gears up for SPAC listing
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AS PropertyGuru gears up to go public through a merger with a special purpose acquisition company (SPAC), its growth story will rest on leveraging opportunities in South-east Asia and its nascent - but expanding - fintech & data business segment.
In July, it was announced that PropertyGuru would trade on the New York Stock Exchange via a partnership with blank-cheque company Bridgetown 2 Holdings, backed by billionaire Peter Thiel and Hong Kong tycooon Richard Li, to create a combined entity with an enterprise value of around US$1.35 billion and an equity value of about US$1.78 billion. The deal is expected to close in Q4 2021 or Q1 2022, subject to the necessary approvals.
Singapore-based PropertyGuru - which counts TPG Capital, KKR and Australia's REA Group among its shareholders - will raise some US$431 million in gross proceeds, which will be channelled towards both organic and inorganic growth.
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