Malaysian proptech platform PropertyGuru (NYSE: PGRU) debuted today on the New York Stock Exchange as it completed a business combination agreement with special purpose acquisition company Bridgetown 2 Holdings Limited. The transaction values the combined company at an equity value of US$1.61 billion and an enterprise value of US$1.36 billion.
The combined company received US$254 million in gross proceeds through US$122 million of cash held in Bridgetown 2’s trust account, a concurrent US$100 million private placement, and a private US$32 million investment.
Around 59.3% of shareholders redeemed their stake, valued at US$177.4 million. But investors KKR, TPG Group, and REA Group are said to have maintained their 100% equity into the combined firm.
“As we look ahead, we will continue to invest in technology and expand our services and offerings to build on our leading positions in Singapore, Vietnam, Malaysia and Thailand,” said PropertyGuru CEO Hari Krishnan, who rang the NYSE opening bell today.
Krishnan added that the real estate market in Southeast Asia “is beginning to recover from the pandemic” and the company is “well-positioned to benefit from these long-term trends.”
Bridgetown 2 Holdings, backed by billionaires Peter Thiel and Richard Li, completed its US$260 million IPO in January 2021. According to its prospectus, it intended its search for target firms in the technology, financial services, or media sectors.
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