PropertyGuru files for NYSE listing following merger with Bridgetown 2 Holdings
It also recorded a strong performance for H1 2021, despite a net loss of $150.6m.
PropertyGuru Pte. Ltd. revealed it has publicly filed its registration statement with the U.S. Securities and Exchange Commission.
This is on the back of a previously announced combination with Bridgetown 2 Holdings Limited, a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC.
"Today’s filing also reflects the significant progress that we have made in our business combination with Bridgetown 2. We look forward to completing that process in the first quarter of 2022 and accelerating our journey as a public company," Hari V. Krishnan, CEO and Managing Director, PropertyGuru.
H1 financial report
Accompanying this announcement was Property Guru’s report of its first half 2021 (H1 2021) financial performance.
PropertyGuru experienced a net loss of $150.6m, according to a press release from the digital property marketplace.
The report attributes this loss to an accounting fair value loss of $124.1m on preference share conversion options, with the rise in valuation of the group. Due to this, the group’s preference shares have been converted to ordinary shares, with future periods expected to avoid such fair value losses.
Despite this, PropertyGuru saw their financial performance for H1 2021 to be strong overall. This is due to an increase in total revenue by 17.9% to $42.9m. The group’s three markets—Singapore, Vietnam, and Malaysia—all recorded increases in revenue by 12.8%, 29.5%, and 17.4%, respectively.
Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization were at a loss of $4.8m. This is due to the increased investments of the Group in people and marketing.
“Our strong performance in the first half of 2021 demonstrates that our strategy to invest in our markets and teams and expand our products and services is working. Leveraging our integrated and differentiated technology platform, we are confident that we will emerge from the pandemic as the best solution to match property seekers and sellers across the region, which is estimated to become the world’s fourth largest economy in the world by 2030,” said Krishnan.