Singapore-based online property portal PropertyGuru is looking at an IPO (initial public offer) The listing that is scheduled to take place within the next 12-18 months could offer some of the company’s early investors and exit option. The portal’s plans for a float were disclosed by its co-founder and CEO Steve Melhuish, at an event in Singapore Thursday.
The property portal launched by Melhuish and Jani Rautiainen in 2006, has raised $47 million cumulatively in a Series B from Immobilien Scout 24 (a German online marketplace for real estate) in June 2012. This corroborates with Crunchbase data, which lists Immobilien Scout 24, Tigris Capital and Upstream Ventures listed as investors in the portal.
The topic of going public was broached earlier, in 2013, by Melhuish but with no actionable follow-up.
The report further quoted the portal’s co-founder and chief executive as stating that PropertyGuru was ready to IPO right away, but was holding back to wait for favourable market conditions. It also added that PropertyGuru was currently the market leader in three of four markets it competes in, with an 85 per cent market share in Singapore.
Melhuish disclosed in 2013 that a part of the investment from ImmobilienScout24 went back to investors and shareholders. About SGD 22 million ($17million) was plowed into the company prior to this investment.
While the Australian Securities Exchange (ASX) presents a more attractive place for listing, due to a greater volume of trades, 70 per cent of PropertyGuru’s revenue originates from Singapore (from 2013), with 24,000 agents spending an average of S$600 on listings.
Other ways that PropretyGuru generates revenue are via subscriptions, advertisements, premium placements, and project marketing from real estate agencies.