PropertyGuru Said To Lean Towards Lower End Of IPO Range

PropertyGuru, the Southeast Asian online realty company, is offering shares at the lower end of the A$3.70 to A$4.50 indicated range as it takes orders for its Australian initial public offering (IPO), according to two sources close to the deal.

A book message, seen by Reuters, sent to investors on Tuesday by the deal’s joint lead managers, UBS and Credit Suisse, also says institutional demand is oversubscribed. The sources did not want to be identified because they were not authorised to speak to the media.

Ahead of the deal, PropertyGuru had indicated the stock would be priced to institutional shareholders to raise up to A$380.2 million.

“These firm allocations to retail brokers, combined with early orders and indications received from institutional investors prior to the formal opening of the bookbuild, are in excess of the deal size at the bottom end of the price range,” the book message said.

“Institutional price sensitivity is currently focused on the bottom end of the price range with a number of indications above that level,” the message said.

Shares are due to start trading on Friday.

PropertyGuru, backed by KKR and TPG Capital, is based in Singapore and operates in that market along with Vietnam, Thailand, Malaysia and Indonesia.

The company has said it chose to list in Australia because of the presence of Domain and REA Group on the Australian Securities Exchange.

KKR and TPG are not selling down in the IPO but their holdings will be diluted.

KKR’s stake will shift from 30.4% to 26% and KKR’s will move from 27.25% to 23.3%, according to the PropertyGuru prospectus.

Emtek, the integrated Indonesian media company, will sell down 18.2 million shares, taking its holding from 15.5% to 7.33%.

Reuters

RECENT NEWS

Indian Food Delivery Unicorn Zomato Likely To File For IPO Next Month

Food delivery unicorn Zomato is planning to file for an Initial Public Offering (IPO) by April which could raise $65... Read more

Vietnams Bamboo Airways Aims Third-quarter Listing With Market Cap Of $2.73b

Vietnam’s startup Bamboo Airways said on Friday it aimed to list its shares on a local stock exchange in the thi... Read more

Didi Chuxing Advances IPO Plans To Next Quarter, Targets $62b Valuation

Chinese ride-hailing giant Didi Chuxing Technology Co. is accelerating plans for an initial public offering to as early... Read more

Warburg-backed Kalyan Jewellers IPO Loses Shine, Sees Tepid Demand

Kalyan Jewellers India Ltd’s initial public offering was oversubscribed by just 1.28 times on Thursday, a sign of tep... Read more

Chinese E-commerce Platform DMall Hires Banks For Over $500m US IPO

Chinese e-commerce platform Dmall (Beijing) E-commerce Co has hired Bank of America, Goldman Sachs and JPMorgan for a... Read more

Tencent-backed Chinese Software Firm Tuya Eyes $915m In US IPO

Tuya Inc., a software company backed by New Enterprise Associates and Tencent Holdings Ltd., is on track to raise $915 ... Read more