PropertyGuru Group, the Singapore-based real estate marketplace serving Southeast Asian markets, started trading on the New York Stock Exchange on Friday, March 18, under the ticker “PGRU.” The IPO was made possible following a merger with a special purpose acquisition company (SPAC), backed by Richard Li and Peter Thiel, which placed the equity value of the new entity at $1.6 billion U.S.
The company’s shares moved between gains and losses in early trade Friday. The share price closed the day at $8.46, up 1.56% on the $8.33 listing price.
To celebrate its public debut, PropertyGuru held simultaneous events in both New York and Singapore.
“Our successful listing on the NYSE will allow us to open more doors for the millions of residents across Southeast Asia looking for that perfect home or property investment,” said Hari V. Krishnan, CEO and MD at PropertyGuru Group. “We have a tremendous opportunity ahead of us as more affluent and digitally-enabled populations enter the real estate market. As a public company, we will also enable global investors to access this high-growth market,” he added.
“There’s a lot of volatility at the moment in the market but our focus really is on the longer term,” chief financial officer Joe Dische said.
This is the company’s second attempt at an IPO, following its first try in 2019. That IPO was scrapped following an unstable market and valuation concerns. “But we learnt a lot from that and then we go to the U.S.. Given our size and scale now, we are in the right place,” said Dische.
PropertyGuru Group has recently announced a 22.7% revenue increase for FY2021, seeing revenue rise to S$101 million ($74.4 million U.S.), up from S$82.1 million year-on-year. The group ended the year strongly as multiple key markets in Southeast Asia emerged from Covid-19 restrictions.