PropertyGuru's Board were in negotiations with investment banks from Credit Suisse Group, UBS Group, and others about the startup's looming IPO, in October of this year.
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).
Dialed 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 realize 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.
"We decided we don't want to list unless we're completely on the front foot and charging," Krishnan, 41, said in his first interview since the company withdrew the IPO. "We're not going to limp out into the world."
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