PropertyGuru to begin trading on NYSE on Mar 18

SINGAPORE-based property-listings platform PropertyGuru is set to list on the New York Stock Exchange in the middle of this month after a business combination with Bridgetown 2 Holdings, a special-purpose acquisition company (SPAC). (see amendment note)

This would happen after - it is assumed - shareholders vote in favour of the business combination in an extraordinary general meeting on Mar 15. Bridgetown 2 is a SPAC backed by billionaires Peter Thiel and Richard Li. (see amendment note)

The SPAC merger values PropertyGuru at about US$1.78 billion.

PropertyGuru posted a revenue of S$100.7 million, an increase of 22.7 per cent from S$82.1 million a year prior. This was also above the projected FY2021 revenue of S$97.5 million. The company is forecasting FY2022 revenue to grow 44 per cent year on year to S$145.1 million, and is expected to be adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) positive. This metric excluded share-based payments, costs of its REA Group acquisition and listing costs.

Amendment note: The article earlier stated that PropertyGuru would be listing on Nasdaq rather than NYSE.

Amendment note: The article earlier stated that Bridgetown 2 was backed by Li Ka Shing when it is in fact backed by Richard Li.