Real estate market PropertyGuru makes its IPO debut

PropertyGuru Group, the Singapore-based real estate marketplace serving Southeast Asian markets, began trading on the New York Stock Exchange on Friday, March 18 under the ticker “PGRU”. The IPO was made possible through a merger with a Special Purpose Acquisition Company (SPAC) backed by Richard Li and Peter Thiel, which put the new company’s equity value at $1.6 billion

Shares of the company ranged between gains and losses in early trading on Friday. The share price closed the day at $8.46, up 1.56% from the quote price of $8.33.

The PropertyGuru team celebrates the listing in New York

To celebrate its public debut, PropertyGuru held simultaneous events in New York and Singapore.

“Our successful listing on the NYSE will allow us to open more doors to millions of residents across Southeast Asia searching for the perfect home or real estate investment,” said Hari V. Krishnan, CEO and MD of PropertyGuru Group. “We have a tremendous opportunity ahead of us as more affluent and digitally enabled demographics enter the real estate market. As a public company, we will also allow global investors access to this high-growth market,” he added.

“The market is very volatile right now, but our focus is really on the longer term,” said Chief Financial Officer Joe Dische.

This is the company’s second attempt at an IPO, following the first attempt in 2019. This IPO was canceled after an unstable market and valuation concerns. “But we learned a lot from that and then we go to the USA. Given our size and scale, we’re in the right place now,” said Dische.

PropertyGuru Group recently announced a 22.7% increase in revenue for FY2021, reporting an increase in revenue to S$101 million (US$74.4 million) versus S$82.1 million year-on-year. The group ended the year strong as several key markets in Southeast Asia emerged from Covid-19 restrictions.

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