This article is from the Australian Property Journal archive
SOUTH east Asia-focused real estate listings company PropertyGuru has pulled its $1 billion ASX listing little more than a day before its scheduled float.
Backed by Texan-based private equity firm TPG Capital and New York-based KKR, the company was seeking to raise as much as $380 million, with shares priced at between $3.70 and $4.50.
However, any enthusiasm was concentrated mostly at the lower end.
A successful share sale in the middle of the range would have given the group an enterprise value of $1 billion, and at its highest end $1.36 billion.
PropertyGuru operates in 14 markets across Asia, including Malaysia, Singapore, Thailand, Indonesia and Vietnam, and is used by 23 million property seekers, boasting a 60% market share in its core markets.
