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July 23, 2021, 2:52 p.m. EDT

PropertyGuru to go public through merger with SPAC, with the valuing company at $1.35 billion

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By Tomi Kilgore

PropertyGuru Pte. Ltd. announced an agreement that will take the Southeast Asia property technology company public, through a merger with special purpose acquisition company (SPAC) Bridgetown 2 Holdings Ltd. /zigman2/quotes/224105616/composite BTNB +0.20% that will value the combined company at $1.35 billion. Bridgetown 2's stock rose 1.0% in afternoon trading. The deal is expected to provide $431 million of gross proceeds. After the deal closes, which is expected to occur by the end of July 2021 to mid-August 2021, the combined company will be listed on the NYSE. Bridgetown 2 was formed by Pacific Century Group and Thiel Capital LLC. "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," said PropertyGuru Chief Executive Hari Krishnan. Bridgetown 2's stock, which started trading on Jan. 26, has slipped 1.3% over the past three months while the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.61% has eased 1.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.08% has gained 5.5%.

/zigman2/quotes/224105616/composite
US : U.S.: Nasdaq
$ 9.92
+0.02 +0.20%
Volume: 31,418
Sept. 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$370.01 million
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 68.29
+1.08 +1.61%
Volume: 250,099
Sept. 21, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,354.19
-3.54 -0.08%
Volume: 1.91B
Sept. 21, 2021 4:20p
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