e27 recently reported that Steve Melhuish, the CEO of Singapore-based PropertyGuru, said that they (PropertyGuru) would not be filing an initial public offering in 2016. This is a departure from the past when in May 2015, Melhuish said he wanted to take PropertyGuru to go IPO within the next 12 to 18 months.
“For us it makes more sense for us to say: ‘Let’s be private for a little bit longer, grow so we are not a small player who lacks liquidity and can be sustainable.’ When we raised the private investment, [we decided] we are going to use it for accelerated growth,” he told e27.
Since making the statements in May last year, PropertyGuru landed a S$175 million (US$122 million) funding round from TPG, Emtek Group and Square Peg Capital — Asia’s sixth-largest funding round of 2015.
The company also acquired Indonesian property portal RumahDijual.com, Singaporean marketing company ePropertyTrack and appointed former LinkedIn APAC Managing Director Hari Krishnan as President.
“We are not going to IPO immediately after raising a chunk of money. To be honest, we are happy being a private company and we have fantastic shareholders who have been incredibly supportive… The shareholders are excited about growing and it has been a pleasure as compared to maybe the daily scrutiny on the public market,” Melhuish said.