Street Talk understands PropertyGuru - a Singaporean company backed by private equity bigwigs TPG Capital and KKR & Co - has taken pitches from a handful of investment banks in recent weeks, who were asked to respond to a formal request for proposal.
PropertyGuru wants to know what bankers reckon about its prospects for an Australian initial public offering, which investors would be interested in buying stock and, ultimately, what the company could be worth.
While PropertyGuru's operations are offshore, Australia has a strong history of supporting such online listings business including in the real estate sector.
The pin-up is market darling REA Group, which has grown from a ASX-newbie worth $29.5 million in 1999 to be a $11.6 billion giant now trading at 30-times profit and 11.6-times revenue.
Similarly Domain Holdings, part owned by The Australian Financial Review's publisher Nine Entertainment Co, is a $1.85 billion company trading at 37-times profit and 5.1-times revenue.
A TPG-led consortium bought PropertyGuru for about $US100 million ($145 million) in 2015, and set out to grow the company.
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