PropertyGuru shares have hit their highest price for a year as the Group prepares for privatisation by private equity firm EQT Private Capital Asia.
Stocks traded at $6.66 and closed at $6.63 this Wednesday.
According to September's Q2 financial statement, Revenues at PropertyGuru rose to S$40.6 million (USD 31.3 million); however, net losses for the period significantly widened to USD 12.1 million as the Group enacted a strategic review that cost circa $3.75 million as takeover rumours swirled.
EQT submitted a $1.1 billion takeover bid for PropertyGuru this summer. The bid was approved in August and rubberstamped by shareholders in October.
According to this week's high, PropertyGuru currently has a market capitalisation of circa $1.09 billion, with the majority of shares (61%) owned by hedge funds and institutional investors.
PropertyGuru became a publicly traded organization on March 18, 2022. PropertyGuru’s ordinary shares are publicly available for trading on the New York Stock Exchange. Assuming the takeover closes in Q4 2024 or Q1 2025, PropertyGuru will be delisted from the stock exchange, less than three years after flotation.
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