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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Amendment note: The article earlier stated that Bridgetown 2 was backed by Li Ka Shing when it is in fact backed by Richard Li.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
Grab-led GXBank teams up with Zurich to offer affordable insurance
GoTo eyes private placement of 120.1 billion shares
SoftBank leads US$1 billion funding for UK self-driving startup Wayve
Singapore battles to revive struggling stock market
NSG BioLabs bags US$14.5 million funding; inks tie-ups with Merck, EnterpriseSG
Singapore’s Anywheel gets green light to expand fleet to 35,000