PropertyGuru, Southeast Asia’s largest digital property marketplace, has announced plans to combine with Bridgetown 2 Holdings, a special purpose acquisition company (SPAC) created by Pacific Century Group and Peter Thiel’s Thiel Capital, in order to go public on the New York Stock Exchange (NYSE).
According to a release, the merged business will have an enterprise value of about US$1.35 billion and an equity value of approximately US$1.78 billion when it closes.
The transaction is expected to provide gross proceeds of up to US$431 million with up to US$299 million of Cash held by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of the leading Malaysian asset managers, priced at the US $100 per share, in Bridgetown 2’s trust account, and the competitor of US$100 million in the private placement stock (CIP) of common stocks.
The management team of PropertyGuru – headed by CEO and CFO Joe Dische and MD Hari V. Krishnan – will continue the company’s leadership after the deal is complete.
PropertyGuru is a digital property business market-based in SaaS for property developers, a digital homebuyer and brokerage market, and property information services for banking, valuers, and property developers, founded in 2007 and provides digital property markets for sellers and property tenants; a digital market for property agencies and developers.
The firm says that it now holds over 2,8 million monthly property listings in Indonesia, Malaysia, Singapore, Thailand, and Vietnam, serving 38,000 monthly property searchers and 49,000 active property officers.
The growing business of PropertyGuru generated an average yearly turnover growth of over 25% in four years pre-COVID-19 and is anticipated to increase annually by 29% between CY20A and CY25F.
PropertyGuru concluded a comprehensive acquisition deal in Malaysia and Thailand in May.