Banks looking to help PropertyGuru make its move

June 3, 2019
Share this Post: 

PropertyGuru has been deciding over an Australian Securities Exchange listing, asking banks to give it some incentive to make the move

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. 

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

Miabannermay12

June 3, 2019

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Propertyguru Board Room
PropertyGuru Appoints REA Group CEO Owen Wilson to Board of Directors as a Non-Independent Director

Southeast Asian property portal operator PropertyGuru has announced the appointment to its board of REA Group CEO Owen Wilson. Wilson...

Read More
La Haus Queretaro
La Haus Growing Fast and Looking to Add Financing Products

Colombian PropTech startup La Haus has expanded to another Mexican city and is looking to increase the financial solutions it...

Read More
Rae Group Mortgages
REA Group to Consolidate Mortgage Brokerage Offering Under One Brand

Australian portal operator REA Group has announced that its mortgage brokerage business will operate under one brand. In 2017 REA...

Read More
Zillow No Sale
Zillow Pauses Homebuying Citing "Operational Capacity" Issues

Zillow has paused its home buying activities as its iBuying division works through a backlog of homes already on the...

Read More

Popular News