US private equity firms KKR and TPG are reportedly exploring a buyout and other options for Singapore-based online real estate platform PropertyGuru, Bloomberg reported, citing sources.
The sources said KKR and TPG, which own about 26.5% and 29.6% stake in PropertyGuru, respectively, are working with an unnamed financial adviser to gauge market appetite. The PE firms could also choose to buy the remaining shares they don’t already hold.
The talks are said to be at an early stage and a final decision is pending.
KKR and TPG have had multiple rounds of investment in PropertyGuru from its Series C in 2015 to Series E in 2020.
The shares of NYSE-listed company have climbed 32% this year, valuing it at $723 million. That, however, has tumbled significantly from $1.61 billion on listing in March 2022.
PropertyGuru went public on the New York Stock Exchange (NYSE) through a SPAC merger with Bridgetown 2 Holdings.
According to the company’s latest filings, PropertyGuru booked S$6.3 million in losses in the first quarter of 2024. This compares with S$10.2 million in losses in the corresponding period a year earlier.
PropertyGuru’s group revenues improved by 12% year-on-year to S$36.5 million in the period as the company’s chief financial officer Joe Dische said they “remain cautiously optimistic for the year ahead”.
