The No.1 digital real estate firm PropertyGuru in Southeast Asia is going public… through a SPAC merger in New York.
👉 Better to know first if not: SPAC is a shell company created to bring others public by going public first before acquiring them. It is the abbreviation of “special purpose acquisition company”.
PropertyGuru? What do they do?
If you live in Singapore, you should have already known. For those not living in the city – it’s the largest online agent platform looking to sell/rent a home…operating across Indonesia, Malaysia, Singapore, Thailand and Vietnam. 🏠
- In addition to property agency: it also helps buyers to get loans and lets customers view apartments virtually through AR.
Benefiting from the growing housing price, PropertyGuru has grown at 25% in the past 4 years. It expects to keep up the pace until 2025. (🐿️: Does that mean the housing price will hike further?)
So why go public now?
Because it needs money to expand. 🤑 Merging with the SPAC will provide PropertyGuru with USD 100 mln… at a USD 1.78 bln valuation.
How about the SPAC? It has famous owners. The SPAC is owned by Richard Li (son of Hong Kong’s richest Li Ka Shing) and Peter Thiel (co-founder of Paypal and Palantir).