SINGAPORE - Real estate portal PropertyGuru has decided not to proceed with its proposed initial public offering on the Australia Securities Exchange .
Just two weeks ago, the South-east Asian property technology firm had lodged its IPO prospectus with an indicative price range of A$3.70 to A$4.50 per share. A successful market debut would have raised A$362.6 million , if the final price were at the midpoint of the range. The company said on Wednesday that it remains positive in its outlook for the performance of the business.
PropertyGuru said it continues to have the support of its existing shareholders. This is highlighted by the fact that both major shareholders - TPG and KKR, which together hold a 58 per cent stake - were not seeking to sell any shares in the IPO and had entered into voluntary escrow arrangements until February 2021, said the company.
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