SINGAPORE (Oct 28): On Oct 23, Reuters reported that local online portal PropertyGuru was cancelling its IPO on the Australian Securities Exchange. On Oct 7, dealstreetasia reported that PropertyGuru had lodged a prospectus and was looking to raise at least A$345 million ($322 million) by selling at least 84.5 million shares, of which 40.6 million would have been new shares, and the rest vendor shares. According to PropertyGuru’s prospectus, the IPO price would have been announced on Oct 24.

The prospectus states that the IPO proceeds would: i) provide funding and financial flexibility to pursue the company’s growth strategy; ii) provide existing shareholders with the opportunity to realise all or part of their investment in the company through the sale; iii) fund other payments, including repurchase of shares issued on the conversion of the warrants and deferred consideration for the acquisition of shares in Dai Viet in 2018; and iv) pay the costs of the IPO, likely to have been A$22.4 million (see Table 1).

However, if PropertyGuru withdraws the prospectus or the offer or indicates that it does not intend to proceed with the offer, it can do so without cost or liability to the company.

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