KKR-backed PropertyGuru weighs US listing via SPAC

Hong Kong

PROPERTYGURU, the Singaporean 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), said people familiar with the matter.

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

A merger with a blank-cheque company could value the combined firm at about US$1 billion, they said.

Deliberations are at an early stage and the company could decide not to proceed with the plan, the sources 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 Sdn in November for S$1.7 million.

PropertyGuru follows other Southeast Asian startups 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, Southeast Asia's biggest online travel startup. BLOOMBERG