SINGAPORE, 7 October 2019 – PropertyGuru Limited, a property technology company, lodged a prospectus with the Australian Securities and Investment Commission in relation to an initial public offering (IPO) and listing on the Australian Securities Exchange (ASX).
“Assuming that the Final Price is at the midpoint of the indicative price range of A$3.70 to A$4.50 and the Offer is successful, the Offer will raise approximately A$363 million,” PropertyGuru stated.
According to Chief Executive Officer, Hari V Krishnan, PropertyGuru’s pro forma revenue has grown at a 26% compound annual growth rate over the last three years.
“We intend to use part of the proceeds from the offering to pursue our growth strategy, which includes the potential expansion into a number of direct adjacencies, including providing Property Seekers in our Core Markets with convenient access to mortgage financing through an online mortgage marketplace and developing data offerings to our customers,” he said.
PropertyGuru operates digital property classifieds marketplaces in five countries across Southeast Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia (Core Markets) and is the preferred destination of over 23 million property seekers.
Chairman, Olivier Lim said the market opportunity for online property advertising in the Core Markets is underpinned by a number of key macroeconomic and other trends.
“These include strong population growth, urbanisation, increasing penetration of the internet within the population, increased access to mobile phones, and in particular smartphone penetration, as well as rising wealth levels which has seen the expansion of the middle classes – a key driver of housing demand,” he said.