PropertyGuru‘s CEO and managing director Hari V. Krishnan has expressed confidence that the Southeast Asian online realty company’s US listing will take place in the first quarter of 2022 amidst a global waning interest in SPACs, DealStreet Asia reports.
In July, PropertyGuru agreed to go public through a merger with Bridgetown 2 Holdings, a SPAC backed by billionaires Richard Li and Peter Thiel, giving the combined company an equity value of about $1.78 billion.
The SPAC and PIPE markets in the US continue to cool rapidly, which has raised speculation about whether the blank check boom is over. According to a September CNBC report, most US-listed SPACs have already slipped below their IPO prices of $10.
Krishnan, however, is unfazed. PropertyGuru, he said, has been in talks with US investors for the past three years, starting when they tried to take the company public in Australia in 2019. It scrapped that plan due to concerns over valuations. Read more.