Singapore-headquartered online real estate marketplace PropertyGuru will start trading in the New York Stock Exchange on Friday (March 18) after shareholders approved the merger of the company with blank-cheque company Bridgetown 2 Holdings.
According to a filing to the US Securities and Exchange Commission, the merger proposal was passed on Tuesday (March 15) at the extraordinary general meeting of Bridgetown 2, a special purpose acquisition company (SPAC) backed by billionaires Richard Li and Peter Thiel.
The combined entity will start trading under the ticker “PGRU”, according to the regulatory filing on Tuesday.
PropertyGuru has agreed to go public through a merger with Bridgetown 2 in July last year. The combined company will have an enterprise value of approximately $1.35 billion and an equity value of approximately $1.78 billion at closing, the companies said in a statement dated July 24.
The transaction is expected to deliver up to $431 million of gross proceeds through the contribution of up to $299 million of cash held in Bridgetown 2’s trust account, a concurrent $100 million private placement (PIPE) of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at $10.00 per share.
PropertyGuru’s management team, led by Chief Executive Officer and Managing Director Hari V. Krishnan and Chief Financial Officer Joe Dische will continue to lead the public company after the completion of the transaction.
In a statement in February, PropertyGuru said it reaffirmed the positive outlook for 2022 with revenue projections of S$145.1 million ($106.8 million), supported by strong momentum YTD and growth across all markets as the region emerges from the impact of COVID. This would represent a year-on-year growth of 44 percent.
For 2021, its revenue increased by 22.7 percent to S$100.7 million from S$82.1 million.
Founded in 2007, PropertyGuru has grown to become Southeast Asia’s number one digital property marketplace with leading positions in Singapore, Vietnam, Malaysia, and Thailand. The company currently hosts more than 2.8 million monthly real estate listings and serves 37 million monthly property seekers and 49,000 active property agents across the five largest economies in Southeast Asia – Indonesia, Malaysia, Singapore, Thailand, and Vietnam.