Singapore realty portal PropertyGuru plans to list in 12-18 months

Visual from PropertyGuru website

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 news was first reported  by TechinAsia, which was hosting the event where Melhuish had made these comments.

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.

Related Story:

Singapore firms strike realty deals in Australia

SG realty: Less attractive for investors in 2015?

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.