PropertyGuru, the Southeast Asian online realty giant, will soon be going public in a deal valued to be worth $1.78 billion.

The public listing will take place via a special purpose acquisition company (SPAC) in a merger with Bridgetown 2 Holdings (backed by billionaires Richard Li and Peter Thiel).

"The market for property is probably the oldest market in the world, and only now is it beginning to change rapidly. As PropertyGuru spearheads that change in Southeast Asia, Bridgetown 2 will provide capital and expertise to accelerate it even further", mentioned Peter Thiel, president of Thiel Capital.

Key Highlights

• PropertyGuru's SPAC listing is expected to raise north of $431 million when it debuts on the New York Stock Exchange (NYSE).
  
• The listing is a major milestone for the company, which attempted to go public in 2019 but failed.
• Founded in 2007, PropertyGuru's online platform now hosts over 2.8 million real estate listings, serving over 37 million property seekers a month across Southeast Asia.
• The deal is expected to close by the end of 2021 or early 2022.