PropertyGuru has completed a business combination with Bridgetown 2 Holdings Limited, now valued at an enterprise value of ~US$1.36 billion and an equity value of ~US$1.61 billion. The transaction raises ~US$254 million to drive growth in Southeast Asia's recovering property market. CEO Hari V. Krishnan highlighted a 23% revenue increase in 2021 and plans for technology investments. PropertyGuru will begin trading on the NYSE under the ticker 'PGRU' starting March 18, 2022.
Bridgetown 2 Holdings Limited (NASDAQ: BTNB) announced that shareholders approved the business combination with PropertyGuru Pte. Ltd. at an extraordinary meeting. The shareholder redemption rate was 59.3%. The transaction is expected to close on March 17, 2022, with PropertyGuru's ordinary shares commencing trading on the New York Stock Exchange under the ticker symbol 'PGRU' on March 18, 2022. PropertyGuru is recognized as Southeast Asia's leading property technology firm, catering to over 52 million property seekers monthly.
Bridgetown 2 Holdings Limited (BTNB) announced plans for a business combination with PropertyGuru Pte. Ltd., a leading PropTech company in Southeast Asia. Subject to shareholder approval at an Extraordinary General Meeting on March 15, 2022, the merger is expected to close by March 17, 2022. Following the merger, Bridgetown 2 will delist from Nasdaq, transitioning to the NYSE under PropertyGuru Group Limited. Shareholders are advised to vote their shares in advance to participate in the decision.
PropertyGuru Group reported a strong performance for 2021, with total revenue rising S$100.7 million, a 22.7% increase from S$82.1 million in 2020. The company expects continued growth in 2022, projecting revenue of S$145.1 million, which would represent a substantial 44% year-on-year increase. PropertyGuru maintains its position as Southeast Asia's leading digital property marketplace, demonstrating resilience during the COVID-19 pandemic. A shareholder vote on the business combination with Bridgetown 2 Holdings is set for March 15, 2022.
PropertyGuru, Southeast Asia's leading property technology firm, reported a 17.9% revenue increase to S$42.9 million for the first half of 2021, despite COVID-19 challenges. The company filed for its business combination with Bridgetown 2 Holdings (NASDAQ: BTNB) via Form F-4. Strong performances were noted across its markets: Singapore (S$25.4 million, +12.8%), Vietnam (S$10.1 million, +29.5%), and Malaysia (S$4.2 million, +17.4%). However, a net loss of S$150.6 million was reported, mainly due to fair value losses on preference share conversions. The outlook for full-year 2021 revenue is adjusted to S$97.5 million, an 18.8% increase from 2020.
PropertyGuru Group has appointed Owen Wilson, CEO of REA Group, as a Non-Independent Director on its Board, enhancing its leadership as it prepares for public listing on the NYSE. This follows REA's acquisition of an 18% equity interest in PropertyGuru and its upcoming participation in a $132 million PIPE investment in conjunction with the business combination with Bridgetown 2 Holdings Limited (NASDAQ: BTNB). The strategic partnership aims to accelerate PropertyGuru's growth in the competitive PropTech landscape.
PropertyGuru Group announces the appointment of Rachna Bhasin as an Independent Non-Executive Director, enhancing its governance with 50% independence on its board. Bhasin's extensive experience in technology and public company boards, including SSTK and RHP, is expected to support PropertyGuru's digital transformation and growth strategies. This move aligns with its plans for a public listing on the NYSE through a merger with BTNB. CEO Hari V. Krishnan expressed confidence in Bhasin's contributions to the company’s mission in Southeast Asia's property market.
PropertyGuru, Southeast Asia’s leading PropTech company, has announced a business combination agreement with Bridgetown 2 Holdings (NASDAQ: BTNB). The resulting entity is projected to trade on the NYSE, with an enterprise value of approximately $1.35 billion. Founded in 2007, PropertyGuru operates a digital property marketplace with over 2.8 million listings and serves 37 million property seekers monthly across Southeast Asia. The merger is anticipated to strengthen PropertyGuru's growth, capitalizing on favorable market conditions in the region.
Bridgetown 2 Holdings Limited announced the closing of its initial public offering, selling 29,900,000 Class A ordinary shares at $10.00 each, generating gross proceeds of $299,000,000. The offering included the full exercise of underwriters' options to purchase an additional 3,900,000 shares. As a blank check company, it aims to find a merger or business combination target, particularly in the technology, financial services, or media sectors in Southeast Asia. The shares began trading on Nasdaq under the symbol 'BTNB' on January 26, 2021.
Bridgetown 2 Holdings Limited announced the pricing of its initial public offering of 26,000,000 Class A ordinary shares at $10.00 each. The shares will be listed on the Nasdaq under the ticker symbol BTNB starting January 26, 2021, with the offering expected to close on January 28, 2021. The blank check company aims to pursue business combinations primarily in technology, financial services, or media sectors in Southeast Asia. Citigroup Global Markets and BTIG are managing the offering, which includes an option to purchase an additional 3,900,000 shares.