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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.
Real estate related news stories from Singapore
- Real estate investment volume to remain resilient in 2020: CBRE
- Property investment volume 'respectable' despite 31.8% drop in 2019: CBRE
- PropertyGuru CEO vows comeback after IPO flop
- Cromwell EREIT buys three German office and warehouse assets for $57m
- The rest of Central Region could be 2020's property hotspot
Asian property news round up
- Link REIT Buying Sydney Office Tower From Blackstone Funds for A$683M
- Allianz Fund Buys India Office Complex from Tishman Speyer, GIC for $250M
- X2 Hoi An Resort & Residence wins International Property Awards 2019
- APAC REITs Raise a Record $14B in First 3 Quarters of 2019
- ARA Teams Up with Straits Real Estate and ICBCI to Buy Pudong Mall for RMB 2.4B
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About Agent.sg Daily Property News Selection
Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.
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