KKR-Backed PropertyGuru Shelves $260 Million IPO in Australia

(Bloomberg) -- PropertyGuru Ltd., an online real estate classifieds business, withdrew its initial public offering that could have raised as much as A$380 million ($260 million), marking at least the second listing cancellation in Australia this month.

The company, in which KKR & Co. and TPG Capital own a combined 58%, decided not to proceed with its share sale “due to uncertainty in the current IPO market,” according to a statement on Wednesday. PropertyGuru was scheduled to list on Friday.

“Should the company seek new funds to support our identified growth opportunities, we have a committed existing shareholder base as well as access to private capital markets,” PropertyGuru Chairman Olivier Lim said in the statement.

The decision comes a day after the firm started taking investor orders for its IPO, in which shares were marketed at A$3.70 to A$4.60 apiece. The price range implied a market value of as much as A$1.36 billion.

There’s been concerns over appetite for IPOs in Australia after Latitude Financial Group Ltd. last week scrapped what would have been the country’s biggest initial public offering of the year. A total of $1.35 billion of IPOs, including PropertyGuru, were pulled so far this year in Australia, the largest amount since 2010 in which $1.4 billion of share sales were canceled, according to data compiled by Bloomberg.

Credit Suisse Group and UBS Group AG were joint lead managers of PropertyGuru’s offering.

--With assistance from Zhen Hao Toh.

To contact the reporters on this story: Harry Brumpton in Sydney at hbrumpton@bloomberg.net;Carol Zhong in Hong Kong at yzhong71@bloomberg.net;Matthew Burgess in Melbourne at mburgess46@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Peter Vercoe

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