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Singapore's PropertyGuru cancels Australian IPO

PropertyGuru Pte. Ltd. called off its IPO in Australia, citing lackluster demand from global investors in the technology sector, The Australian Financial Review's Street Talk reported Oct. 23.

The move came after book runners Credit Suisse and UBS held a book build to take bids from institutional investors. The Singapore-based online realtor, which is backed by private equity firms KKR & Co. and TPG Capital Management LP, had planned to raise up to A$380.2 million in the IPO, which would have valued the company at up to A$1.36 billion.

PropertyGuru investors are expected to consider private capital alternatives, the report added.