PropertyGuru Reportedly Considering Going Public via US SPAC

March 1, 2021
Share this Post: 

In the past hour, Bloomberg has reported that Southeast Asian property portal giant PropertyGuru is considering going public in the USA via a special purpose acquisition company (SPAC). According to Bloomberg's anonymous sources, the Singapore-based company is working with financial advisors and has begun preliminary talks with several SPACs ahead of a potential public debut which would value the company at around $1 billion.

Although considerations are said to be at a very early stage, if PropertyGuru were to go down the SPAC route it would follow in the footsteps of PropTech companies such as Porch Group and OpenDoor which have both gone public via special purpose acquisition companies over the last 12 months.

There are an increasing number and variety of SPACs out there whose purpose is to identify opportunities to take promising companies public and avoid costly traditional IPOs which, according to commentators such as ex-Zillow boss Spencer Rascoff, often leave money on the table. Among possible SPACs that are on the lookout for companies such as PropertyGuru to take public are no fewer than 3 founded and lead by Rascoff himself (Supernova Partners) as well as, intriguingly, a SPAC recently set up by regional classifieds player Catcha Group whose CEO Patrick Grove was one of the founders of PropertyGuru's eternal rival iProperty.

PropertyGuru has already flirted with the public market once when it aborted plans to go public on the Australian stock exchange in 2019 after issues around valuation and today's rumour follows similar speculation around a potential IPO for idealista in Europe which is similar in that it is a market leader in several markets and has been funded by big private equity funds up until now.

March 1, 2021
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 120120670
Zillow and CoStar Share Prices Shift on News of NAR Shock Settlement

The trajectories of real estate portals in the United States may be about to diverge as the National Association of...

Read More
Shutterstock 1454624438
U.S. Portal Operator OJO Labs Acquires The LEAD Syndicate

The U.S. PropTech operator OJO Labs has announced that it has acquired The LEAD Syndicate, a provider of teach solutions...

Read More
Onthemarket Employees
OnTheMarket PR Push Continues with Agent Signups and Roadshow

The UK's number three portal OnTheMarket (OTM) is definitely ramping up its PR in the early months of 2024 with...

Read More
Product Roundup 13March24
Product Roundup: FangDD, Yandex, Redfin,, Keyper, OneDome and MagicBricks

Another week, another big product roundup for portals and proptechs worldwide. Here's what we've spotted...   FangDD shares soar 80%...

Read More