PropertyGuru considers listing in Australia or S’pore

Online property portal group PropertyGuru is seeking to launch an initial public offering within the next 18 months, with Singapore or Australia the most likely listing destination, the company’s Chief Executive said yesterday.

If the company lists in Singapore, it would be the first online property portal to list in the city-state, while in Australia, it would be the second after ipropertygroup, which raised A$37 million (S$42 million) in its 2007 IPO.

“An IPO remains in the pipeline,” Mr Steve Melhuish, co-founder and Chief Executive of PropertyGuru, said in a statement. He did not elaborate on the size of the planned offering.

PropertyGuru lists properties for sale and rent in four Asian countries — Singapore, Thailand, Indonesia and Malaysia. The company, which was founded in 2006 in Singapore, secured an investment of S$60 million in 2012 from Deutsche Telekom.

In the statement, the company said visits to its websites across the four countries grew by 19 per cent to reach 125 million last year, while property listings increased by 60 per cent to 805,060 at the end of last year. It said Singapore topped its Web views, with 57 per cent of its Web traffic coming from the city-state.

Source : Today – 12 Mar 2014

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