PropertyGuru is so far shaping up to price at the bottom end of the range for its initial public offering.
The company says it has received retail broker bids and early order indications from institutional investors before the formal opening of the IPO bookbuild that are in excess of the deal size at the bottom end of the price range.
The company said in a formal message to fund managers: “Institutional price sensitivity is currently focused on the bottom end of the price range with a number of indications above that level.”
READ MORE: PropertyGuru’s IPO raises questions
PropertyGuru, which is advised by Credit Suisse, UBS, Ord Minnett and Morgans, is selling shares at between $3.70 and $4.50 as it looks to raise between $345m and $380m.
The raise takes its market value to between $1.2bn and $1.4bn, with the company to be priced on Thursday ahead of a listing on Friday.
The IPO range for the Singapore real estate listings website equates to between 9 times and 10.9 times the company’s forecasted revenue.
Shareholders include private equity firms Kohlberg Kravis Roberts and TPG Capital, which are retaining their stake in the company.
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