PropertyGuru is the ASX's next unicorn: Credit Suisse
PropertyGuru, one of south east Asia’s leading property technology companies, has lodged a prospectus with ASIC to list on the ASX.
Assuming the final price is midway of the indicative price range of A$3.70 to A$4.50, the offer will raise approximately A$363 million.
The business was founded in Singapore in 2007 by Steve Melhuish and Jani Rautiainen having sensed a dynamic real estate market with no online platform.
Recently Credit Suisse analysts have suggested the Asian online real estate listings business could be the next ASX-listed unicorn, a potential $1 billion-plus listing on the Australian Securities Exchange.
PropertyGuru operates digital property classifieds marketplaces in five countries across Southeast Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia.
It claims its market share of the online real estate marketplace as:
◼ 72% in Singapore
◼ 69% in Vietnam
◼ 42% in Malaysia
◼ 45% in Thailand
◼ 49% in Indonesia7
It is the destination of over 23 million property seekers to find their home every month.
The group has 60 percent consumer market share across its core markets, which is reportedly significantly greater than its nearest competitor.
Over the past twelve years, the Group has grown from a single-market start-up to a diversified PropTech company.
It has previously raised over S$400 million in funding to date including new capital and shareholder selldown over four funding stages involving large institutional investors, including TPG, KKR, Emtek and Square Peg Capital with over 130 staff dedicated to R&D,
With over 45,000 active agents, the real estate portal has a revenue model that is predominantly subscription-based, where agents currently pay upfront fees for an annual subscription that provides them with a number of discretionary credits.
It recently appointed Olivier Lim as independent chairman as well as Jenny MacDonald and Melanie Wilson as independent non-executive directors to its board in preparation of the ASX listing.
The appointments of Mr Lim, Ms Macdonald and Ms Wilson are part of a broader exercise to evolve the property technology company’s corporate governance in tandem with its growth trajectory and the increasing scale of its business, PropertyGuru said.
“The new directors bring even greater diversity, breadth and depth to the board,” the company added.
The team is headed by our Chief Executive Officer, Hari V Krishnan, who has two decades of senior executive experience in leading technology firms in Asia and the United States.”