PropertyGuru Pte. Ltd. plans to raise up to A$400 million in a planned IPO in Australia, valuing the company at approximately A$1.2 billion, Reuters reported, citing sources with knowledge of the deal.
The Singapore-based online property portal backed by private equity firms KKR & Co. and TPG Capital Management LP could float its shares by the end of 2019. The IPO could become the largest offering on the Australian bourse this year, according to the news platform.
Ahead of the offering, PropertyGuru raised more than S$400 million following four rounds of fundraising, the unnamed sources noted.
UBS Group AG and Credit Suisse Group AG are the joint lead managers for the IPO. Both banks declined to comment, while an external spokesperson for PropertyGuru told Reuters that the company is considering various strategic options but has yet to make any final decision, the Sept. 10 report added.
As of Sept. 10, US$1 was equivalent to S$1.38.
