PropertyGuru eyes A$363 mln from IPO

Last update: 07/10/2019

KUALA LUMPUR, Oct 7 (Bernama) -- PropertyGuru Ltd aims to raise A$363 million (A$1=RM2.83) from its initial public offering (IPO) on the Australian Securities Exchange (ASX).

The company today lodged a prospectus with the Australian Securities and Investment Commission in relation to the IPO.

Chairman Olivier Lim said oline property advertising on PropertyGuru’s digital platforms offers agents and developers more cost-effective solutions than traditional print channels and allows them to target a broader audience. 

"We expect these trends to shift property advertising away from print and other offline channels in our core markets to online, as property seekers increasingly use digital channels to conduct their property searches," he said in a statement.

PropertyGuru operates digital property classifieds marketplaces in five countries across Southeast Asia – Malaysia, Singapore, Vietnam, Thailand and Indonesia - and claims to have a 60 per cent consumer market share across the core markets.

Chief executive officer Hari V Krishnan said PropertyGuru’s pro forma revenue has grown at a 26 per cent compound annual growth rate over the last three years. 

“We intend to use part of the proceeds from the (IPO) offering to pursue our growth strategy, which includes potential expansion into a number of direct adjacencies, including providing property seekers in our core markets with convenient access to mortgage financing through an online mortgage marketplace and developing data offerings to our customers,” he added.