PropertyGuru CEO vows comeback after Australia IPO flop

SINGAPORE - In late October, PropertyGuru's board huddled with investment bankers from Credit Suisse Group, UBS Group and others to discuss the Singapore start-up's impending initial public offering .

Expected proceeds of A$380 million were primarily to be used for pursuing growth, including acquisitions. A sale would also give existing shareholders in the real estate classifieds marketplace a chance to realize some value. The money wasn't needed to fund ongoing operations. PropertyGuru, 58 per cent owned by TPG Capital and KKR & Co, could make another attempt to go public as soon as next year if market conditions are conducive, Mr Krishnan said. But this time, more options will be considered, including a listing in Singapore or the US.

ANTICIPATED EVENT PropertyGuru's IPO was one of the most-anticipated events in Singapore's tech scene this year. The 12-year-old company, started by entrepreneurs Steve Melhuish and Jani Rautiainen the same year the iPhone was launched, has become a household name in the property-crazed city-state. Today, it's the largest real estate marketplace in South-east Asia with operations in five countries including Vietnam, Malaysia and Thailand.

PropertyGuru's misadventure is part of a broader trend in the tech sector, where there's been a disconnect between private valuations and public markets. Krishnan defends that valuation, noting PropertyGuru is generating free cash flow while revenue has grown at more than 25 per cent a year on average since 2016. The company posted net cash flow from operating activities totaling $7.1 million in 2018, compared with negative cash flow in 2017, the group's 2018 financial statements show.

Source: News Formal (newsformal.com)

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