PropertyGuru Valued At RM5.5 Billion Eyes SPAC Listing On NYSE

PropertyGuru a name synonymous with online property search is eyeing an IPO via a special purpose acquisition company Bridgetown 2 Holdings Limited created by Pacific Century Group and Thiel Capital LLC.

Founded in 2007, PropertyGuru has grown to become Southeast Asia leading digital property marketplace with presence in Singapore, Vietnam, Malaysia and Thailand. According to its report the company currently hosts more than 2.8 million monthly real estate listings and serves 37 million monthly property seekers and 49,000 active property agents across Southeast Asia – Indonesia, Malaysia, Singapore, Thailand and Vietnam.

Prospects for the business is rather positive, the search platform managed to deliver an average annual revenue growth of approximately 25% in the four years preceding despite the COVID-19 pandemic, and its pro-forma revenue is expected to have a compounded annual growth rate of 29%.

  • The path to growth for the company were paved with strategic moves, most recent being the announcement of the acquisition of REA Group’s Malaysia and Thailand assets. The transaction is expected to close by the end of July 2021 to mid-August 2021. It acquired MyProperty Data, Malaysia’s largest online property data company. Introduced FastKey Storyteller – an immersive content experience that brings new projects to the buyer’s doorstep for viewing and to express interest, without having to wait for the construction of the sales gallery. Launched PropertyGuru Finance – a digital mortgage marketplace and brokerage that offers smart, frictionless home financing financial services. Introduced PropertyGuru Lens – a visual search feature that allows users to find property in the real world through their smart phone camera.

Together with SPAC, PropertyGuru listing will have a combined enterprise value of approximately RM5.5 billion (US$1.35 billion) and an equity value of approximately RM7.2 billion (US$1.78 billion) at closing. The transaction is expected to deliver up to RM1.7 billion (US$431) million of gross proceeds through the contribution of up to RM1.2 billion (US$299 million) of cash held in Bridgetown 2’s trust account, a concurrent RM 400 million (US$100) million private placement (“PIPE”) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at RM41 (US$10.00) per share, and an additional RM128 (US$32) million equity investment from REA Group. KKR, TPG Group and REA Group will roll 100% of their equity into the combined company, demonstrating their continued commitment to the Company’s growth strategy. The transaction is expected to close in the fourth quarter of 2021 or first quarter 2022, subject to regulatory and stockholder approvals, and other customary closing conditions.

Hara V Krishnan, Chief Executive Office at the search platform who has been leading the company to its position today pointed to investment in technology and capturing strategic growth opportunities at recent times has been the success formula for PropertyGuru. The strategic, proactive steps that they took over the past 18 months will enable them to stay ahead of the market’s evolving needs, which are increasingly being shaped by the growth of affluent and digitally-enabled populations living in cities across Southeast Asia. 

Bridgetown 2, evaluated a number of companies across Southeast Asia and seeked out PropertyGuru as the perfect fit and believes the company is scratching the surface of what it can deliver as Southeast Asia’s property market continues to accelerate.

HariV. Krishnan and Chief Financial Officer Joe Dische will continue to lead the public company after the completion of the transaction.

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