Agent.sg / Property news / PropertyGuru CEO vows to make a comeback despite failed IPO

PropertyGuru CEO vows to make a comeback despite failed IPO

Fresh property news selection on December 20. 2019, Friday.

Today's news selection contains the latest real estate related stories. Do you own a real estate/property/finance blog or news site? Send the URL to [email protected] so our editors can use them as sources.


In late October, PropertyGuru's board huddled with investment bankers from Credit Suisse Group, UBS Group and others to discuss the Singapore startup's impending initial public offering (IPO).

Talks with potential investors had coincided with a slump in Australian tech stocks; people were starting to question its targeted valuation of A$1.36 billion (S$1.26 billion).

Dialled in from Sydney was PropertyGuru chief executive officer Hari Krishnan. He recalled discussions around a key question: "Why are we doing this IPO in the first place?"

Expected proceeds of A$380 million were primarily to be used for pursuing growth, including acquisitions.

A sale would also give existing shareholders in the real estate classifieds marketplace a chance to realise some value. The money was not needed to fund ongoing operations.

Two days out from when PropertyGuru's shares were due to start trading, the board unanimously agreed to pull the plug.

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