Financial Review: Macquarie, UBS introduce aspirant PropertyGuru for A$500m ASX IPO

BY admin

The ASX-boards are a happy home for digital classifieds businesses. REA Group, SEEK and Carsales.com all attract high valuations, as local growth-oriented fundies know and appreciate the sector.

Which is why the owners of South-East Asia’s No. 1 digital property marketing company, PropertyGuru, have chosen Australia for its initial public offering by the end of the year.

Street Talk understands Macquarie Group and UBS have been appointed to run the float, expected to value the company at $400 million to $500 million. An investor roadshow will begin in Singapore on Wednesday.

PropertyGuru founders Steve Melhuish and Jani Rautiainen own just over half of the business between them, while Scout24, Germany’s largest real estate portal, owns 40 per cent.

Scout24 is also the new home of REA chief executive Greg Ellis, who left the ASX-listed $6.2 billion behemoth in February. Scout24 is 70 per cent owned by global private equity firm Hellman & Friedman.

PropertyGuru’s run at the ASX-boards starts with an introductory roadshow. The group meets funds in Singapore on Wednesday, before moving to Hong Kong next week and then Australia. It is the No. 1 property website in Singapore, Indonesia and Thailand, and is No. 2 in Malaysia behind the ASX-listed iProperty.

It is understood about half the company is likely to be floated, with Melhuish and Rautiainen expected to retain their holdings after the IPO.

Scout24 is believed to be considering its options.

REA Group, which is 61.6 per cent owned by News Corporation, took a 17.2 per cent strategic stake in iProperty in July. It is believed REA is also familiar with PropertyGuru.

This is a reprint of the original article at http://www.fpmarkets.com.au/asx_mornings/wednesday-3rd-september-2014/

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