PropertyGuru withdraws Australian IPO

The company stressed that it is not seeking new funds for business operations.

Online property portal PropertyGuru has cancelled its proposed initial public offering (IPO) on the Australian Securities Exchange (ASX), according to a press release.

PropertyGuru board cited the uncertainty in the current IPO market as the reason despite strong investor support.

The report added that the company is not looking for new funds to be raised for its business operations, highlighting that both major stockholders TPG and KKR were not selling any shares at IPO and had entered voluntary escrow arrangements until February 2021.

Photo courtesy of PropertyGuru.com.

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