PropertyGuru Completes Business Combination with SPAC Bridgetown 2 Holdings

PropertyGuru

PropertyGuru, Southeast Asia’s leading property technology (PropTech) company, today completed its previously announced business combination with Bridgetown 2 Holdings Limited, a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC.

The business combination was approved by Bridgetown 2 stockholders in an Extraordinary General Meeting of Company Shareholders held on March 15, 2022. PropertyGuru Group Limited’s ordinary shares are expected to begin trading on the New York Stock Exchange (“NYSE”) on March 18, 2022 under the ticker symbol “PGRU”.

“We are thrilled to have successfully completed our business combination with Bridgetown 2, which provides additional capital to pursue organic and strategic growth, and will accelerate our ability to access capital markets in pursuit of delivering world-class solutions for our customers,” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group. “Over the past 15 years PropertyGuru has helped shape the PropTech industry in Southeast Asia and introduced many first solutions for property seekers, agents, and developers that enabled digitalization of the property industry. As evidenced by the 23% increase in our 2021 revenue – we are entering our next post-Covid phase of growth with significant momentum.

“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.1 Southeast Asia’s real estate market is beginning to recover from the pandemic and as the region’s increasingly affluent and digitally enabled population moves to urban centers, PropertyGuru is well-positioned to benefit from these long-term trends.”

Southeast Asia is estimated to be the world’s fourth largest economy by 20302, driven by favourable long-term macroeconomic dynamics, creating significant opportunities for PropertyGuru – which has an addressable market of US$8.1 billion according to Frost & Sullivan. Through its continued investments, the Company is positioned to stay ahead of the evolving market demand and extend its leadership position as the region’s property markets recover from the pandemic. – BusinessNewsAsia.com