PropertyGuru Pte. Ltd has unveiled details about the Southeast Asia property technology company moving into a deal in a quest to go public. The new merger involves the special purpose acquisition company (SPAC) Bridgetown 2 Holdings Ltd (NASDAQ: BTNB), and reports indicate that the new business combination is valued at about $1.35 billion.
Bridgetown 2 discloses details about its rise in stock in the afternoon trading, which shot up by 1.0%.
Details about the deal
Analysts applaud the latest deal outlining that it might make it possible to fetch gross proceeds amounting to almost $431 million. It projects that the deal might come to a close in July 2021 or extend as far as mid-August 2021. The goal is to have the combined company get a place within the NYSE listings, and they remain pretty optimistic.
The formation of Bridgetown 2 became possible after Thiel Capital and Pacific Century Group reached an agreement.
Krishnan speaks out
The PropertyGuru Chief Executive Hari Krishnan opines, “This process of becoming a public company will provide us with greater financial resources to do what we do best – helping people find, finance and own their homes in an efficient and transparent manner. We believe the strategic, proactive steps we have taken over the past 18 months will enable us to stay ahead of the market’s evolving needs, which are increasingly being shaped by the growth of affluent and digitally-enabled populations living in cities across Southeast Asia.”
The leader recognizes that the property market is still in the early evolutionary phase. Still, he gives credit to Bridgetown 2 and its strong efforts geared towards providing capital and expertise that remain necessary in pushing PropertyGuru towards achieving its set targets.
PropertyGuru has been making efforts to spark remarkable transformation in the region. According to analysts, Southeast Asia continues to stand out as one of the fastest-growing markets that inspire hope for economic growth and development. The problem arises from its lack of quality services in a large section.