Singapore’s PropertyGuru cancelled $242 million IPO — a response to market uncertainty

The board’s decided that the wavering IPO market does not worth the new funds.


Syamil Faisal

23 Oct, 2019

Singapore’s PropertyGuru cancelled $242 million IPO — a response to market uncertainty | BEAMSTART News

- From our Sponsors -

Despite the strong support from the investors, the Singapore-based PropertyGuru withdrawn just two days before the IPO listing on the Australian Securities Exchange (ASX).

The abrupt decision was made by the board's consensus that market sentiments outweigh the growth potential that the $242 million IPO would bring for the company.

The board assured that its business is going in a positive direction — new funds are not obligatory to sustain the operation.

PropertyGuru’s major shareholders; TPG Capital and KKR, made escrow arrangements whereby the company’s shares will be held by the third party until February 2021 — an alternative funding solution after the IPO plug-off.

“The Board of PropertyGuru has decided to withdraw the IPO due to uncertainty in the current IPO market,” the company said in a statement.

- From our Sponsors -

Latest Jobs

Founding Engineer — Medical AI Agents

Dench.com

New York,

Full Time

USD 100000 — USD 200000 yearly

Software Engineer

Agave

California,

Full Time

USD 130000 — USD 240000 yearly

Business Operations

Giga

California,

Full Time

USD 100000 — USD 130000 yearly

Founding Private Equity Strategist

Keye

New York,

Full Time

USD 150000 — USD 250000 yearly

Product Engineer (Remote)

Downtobid

Full Time

USD 90000 — USD 150000 yearly

Founding B2B Sales Lead

AlgoTest

Delhi,

Full Time

USD 800000 — USD 1200000 yearly

Backend Developer (Scala/Java)

Swif.ai

Full Time

USD 40000 — USD 70000 yearly

Founding Product Engineer (Frontend)

Miracle

California,

Full Time

USD 140000 — USD 170000 yearly

Generalist Hacker - GTM specialist

Turing Labs Inc.

California,

Contract

USD 50000 — USD 100000 yearly

Software Engineer (New Grad to Mid-Level)

Foundry

California,

Full Time

USD 100000 — USD 150000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).