The planned $400m IPO of PropertyGuru has just been put on hold indefinitely due to the uncertainty in the Australian IPO market. The float was positioned as the next ASX-listed unicorn, a potential $1 billion-plus listing on the Australian Securities Exchange.
The portal has over 45,000 active agents who subscribe annually to listing their properties on the portal. The portal currently operates across 5 countries including Singapore, Vietnam, Malaysia, Thailand and Indonesia and is the go-to destination for over 23m property seekers.
With a dominant position in all 5 countries PropertyGuru have significant market share:
- ◼ 72% in Singapore
- ◼ 69% in Vietnam
- ◼ 42% in Malaysia
- ◼ 45% in Thailand
- ◼ 49% in Indonesia
Its major shareholders including TPG and KKR, who own a combined 58 per cent of the company with both parties undeterred with the delayed IPO and who are both willing to back the company for years to come. PropertyGuru doesn’t need any funding for operations so will instead organically look to grow the business.