Aequitas Research - Property Guru Bridgetown 2 (BTNB) ... PropertyGuru/Bridgetown 2 SPAC listing/merger

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Aequitas Research

Sumeet Singh

EUR 92.84 For Business Accounts Only

PropertyGuru/Bridgetown 2 SPAC listing/merger

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.

Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.

We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019 and the current SPAC merger. In this note, we will talk about the recent updates.

Link to our previous notes:
PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others,
PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End, and
PropertyGuru IPO - Agents Q&A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets
PropertyGuru/Bridgetown 2 SPAC listing/merger - Second time lucky - Some food for thought

11/03/2022 1 EN

Underlyings

Property Guru Bridgetown 2

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REA Group Ltd

REA Group is a multinational digital advertising company, based in Australia, that specializes in property. Co. provides a range of premium property listings as well as products for markets adjacent to property such as utility connections, and advertising solutions for property developers and display media advertisers. Co. operates residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and flatmates.com.au, Chinese property site myfun.com, and iProperty Group which owns a number of property portals in Asia. Co. also maintains significant shareholdings in Move, Inc. in the United States and PropTiger in India.

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AU000000REA9 Australian Securities Exchange Australia

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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PropertyGuru/Bridgetown 2 SPAC listing/merger

REA Group Limited: 1 director

Due to a more favourable environment, REA GROUP slightly increases to Neutral

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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