KKR-backed PropertyGuru weighs US listing via SPAC

·2 min read
Modern and luxury smart homes in Singapore, seen from above during a hot summer day at the Keppel Bay Yacht Marina area in the city centre.
KKR-backed PropertyGuru weighs US listing via SPAC. (PHOTO: Getty Commercial)

By Manuel Baigorri

(Bloomberg) —PropertyGuru Ltd., 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, according to people familiar with the matter.

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

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

Deliberations are at an early stage and the company could decide not to proceed with the plan, the people 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 ($1.2 million).

PropertyGuru would follow other southeast Asian startups in exploring a SPAC listing in the U.S. Those include Asian mixed martial arts firm One Championship, Bloomberg News has reported, as well as Traveloka, Southeast Asia’s biggest online travel startup.

(Updates with MyProperty deal context in sixth paragraph.)

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