[SINGAPORE] Singapore's online real estate firm PropertyGuru agreed to go public through a merger with Bridgetown 2 Holdings, the blank-check company

PropertyGuru agrees to go public through US$1.78b deal with Peter Thiel SPAC

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2021-07-24 06:00:05

[SINGAPORE] Singapore's online real estate firm PropertyGuru agreed to go public through a merger with Bridgetown 2 Holdings, the blank-check company backed by billionaires Richard Li and Peter Thiel, seeking to spur growth as its domestic property market sizzles.

The combined entity is set to have a market value of about US$1.78 billion, the companies said in a statement on Saturday. The deal will include a private investment in public equity, or PIPE, of about US$100 million from investors including Baillie Gifford, Naya, REA Group, Akaris Global Partners and one of Malaysia’s largest asset managers. REA Group also committed to invest an additional US$32 million, according to the statement.

PropertyGuru, backed by TPG Capital and KKR & Co, has benefited from a pandemic-induced real estate boom that has pushed Singapore's home prices to record. The company has also expanded to Vietnam, Indonesia, Malaysia and Thailand, making it the largest real estate marketplace in Southeast Asia.

Bloomberg News first reported PropertyGuru's talks with Bridgetown 2 in June. The special purpose acquisition company raised about US$300 million in a US initial public offering in January and its shares closed at US$9.94 on the Nasdaq on Friday, compared with a debut price of US$10 and a high of US$13.59 in February.

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