The information referenced or contained herein may change, be in error, become outdated and irrelevant, or removed at any time without notice. Additional disclosure: This report is intended for educational purposes only and is not financial, legal or investment advice. To illustrate this, lets do a quick back-of-envelope projection on Plentific based on recent valuations. An audited balance sheet of the Company as of November 26, 2019 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. On November 29, 2022, PTIC completed its business combination withRW National Holdings, LLC(d/b/a Appreciate), a leading end-to-end single family rental (SFR) marketplace and management platform. The cost of that investment is roughly the same, 20% of the upside to the SPAC sponsor, but the time frame for realizing a significant gain can be far faster, a 1- to 3-year time period for a SPAC versus 10 or more years for a typical venture capital fund. The. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. Other than Ming Yuan Cloud and KE Holdings, another interesting development is in SPAC (Special Purpose Acquisition Companies) listings. If it does, then the Class B shares would be increased to retain the sponsor's 20% equity ownership position. I wrote this article myself, and it expresses my own opinions. . Subscribers receive access to my proprietary research, valuation, data, commentary, opinions, and chat on U.S. IPOs. So, in a sense, investing in a SPAC can be likened to investing in a venture capital firm as a limited partner. As a result, over the past two to three years, many promising PropTech companies have gone public to raise capital through . Management of ACAX doesn't have operating experience in the industry or previous SPAC experience, so my opinion on the SPAC is Neutral. PropTech is not as nascent as some may think. Transaction Overview Capitalworks has Viveon Health Acquisition Corp.(NYSE American: VHAQ)announced that it has signed a letter of intent (LOI) to combine with a platform focusing on cognitive care for the elderly and those withspecial needs. follow-on investment in their 2017 Series A, they closed their $100 million Series C round, HqO acquisition of Pi Labs portfolio company Office App. Type a symbol or company name. PropTech Acquisition Corp MICROSOFT CORPORATION. PropTech IPOs - a case study of two recent PropTech listings, Alicia is the President and Co-Founder of PropTech Institute. SEC TS Innovation Acquisitions Corp. Form S-1: https://www.sec.gov/Archives/edgar/data/1826000/000119312520286550/d884122ds1a.htm. I wrote this article myself, and it expresses my own opinions. Copy and paste multiple symbols separated by spaces. The SPAC has 15 months to complete a merger (initial business combination). If you have an ad-blocker enabled you may be blocked from proceeding. On February 23, 2023, the company notified Sagaliam that since the SPAC did not receive subscription agreement commitments before December 15, 2022, it has chosen to terminate the merger. - Chairman and CEO Heng Fai Ambrose Chan, who has extensive experience restructuring companies as CEO of Alset International Limited, an investment holding company. The SPAC is the first vehicle by this executive group. Rockend Technology Pty Ltd. completed the . In any event, while management may find an interesting merger target, the chances of success are difficult to determine. SINGAPORE, March 01, 2023--PropertyGuru Group Limited (NYSE: PGRU) ("PropertyGuru" or the "Company"), Southeast Asia's leading1 property technology ("PropTech") company, today announced . NEW YORK, Nov. 21, 2019 (GLOBE NEWSWIRE) -- PropTech Acquisition Corporation (the "Company") announced today that it priced its initial public offering of 15,000,000 units at $10.00 per. As highlighted in this article, there are a number of front runners chartering ahead. Create your Watchlist to save your favorite quotes on Nasdaq.com. BOA Acquisition, a blank check company targeting real estate technology, filed on Thursday with the SEC to raise up to $175 million in an initial public offering. | January 4, 2023 PropTech Acquisition Corporation (NASDAQ: PTAC) announced today that it priced its initial public offering of 15,000,000 units at $10.00 per unit. According to a statement released by the two companies in January of this year, the deal has an equity value of $1.56 billion, and Latch has received approximately $453 million in cash proceeds . This is European PropTechs largest full-equity VC round to date, rivalled only by debt financing, IPO, and post-IPO activity in the sector. Refresh the page, check Medium 's site status,. The SPAC seeks to merge with a real estate or Proptech firm in Asia, with primary operations ex-China. AEC contend that Altimar Acquisition Corp. III (NYSE:ATAQ) announced in an 8-K this afternoon that it adjourned its extension vote today without concluding any business and will reconvene the special meeting at 12:30 pm ET March 3. PropTech Institute is a non-profit organisation dedicated to promoting PropTechthe application of technology to property. Alicia is the President and Co-Founder of PropTech Institute. Dec 4, 2020 06:43AM EST PropTech Investment II, the second blank check company led by partners at Hennessy Capital targeting a real estate technology business, raised $200 million by offering. So, my outlook on MURF is a Hold as I believe investors in SPACs need to be ultra-choosy and focus on those SPACs with great management teams and a history of positive returns to investors. The offering is expected to close on Tuesday, November 26, 2019. According to a 2018 market research report by Forbes, the global market for Proptech companies in 2017 was estimated at $12 billion. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols PTAC and PTACW, respectively. Additional disclosure: This report is intended for educational purposes only and is not financial, legal or investment advice. Leveraging its data capabilities, KE Holdings built a sizeable house listing and information sharing system in China, which provides online touch points and high-quality customer traffic. Also, in 2021, the real estate services firm estimated there were more than 6,000 Proptech or other real estate technology-related businesses worldwide. Investing in SPACs can be a volatile and opaque endeavor. This press release contains statements that constitute forward-looking statements, including with respect to the initial public offering and the anticipated use of the net proceeds. And, with a capital tailwind behind them, this is the time for European start-ups to think big and be bold. Investing in a SPAC before a proposed business combination is announced is essentially investing in the senior executives of the SPAC, their ability to create value and their previous SPAC track record of returns to shareholders. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. PropTech Acquisition Corporation is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,. Terms of Use. Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to acquire mortgage data firm Black Knight for $13.1 billion, the companies announced Wednesday. This type of acquisition (one technology company acquiring another) represents more than half of 2021s acquisitions, but we are also seeing corporates get involved in the action. Closes $300 Million Initial Public Offering: https://www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html. The units will be listed on the Nasdaq. PropTech - which stands for property technology - may be an unfamiliar term for some. The topics covered are very close to Pi Labs and our ecosystem. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. from the closing of an initial business combination and expiring five years after completion of the initial business combination or earlier upon redemption or liquidation. You should perform your own research for your particular financial situation before making any decisions. Citi and Wells Fargo Securities are the joint bookrunners on the deal. KE holdings is the entity that holds Lianjia, a leading real estate brokerage in China established for more than 18 years, which in turn holds Beike, an integrated online and offline platform for property transactions and services. | Source: PROPTECH GROUP : News, Nachrichten und Informationen Aktie PROPTECH GROUP | A3DRPC | AU0000117814 | Australian Stock Exchange PropTech Investment II, a SPAC, has filed with the SEC in September 2020 to raise up to US$175 million in an IPO. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). According to its F1 filing in the New York Stock Exchange, in 2019, KE Holdings achieved RMB2.1 trillion total GTV, 2.2 million transactions and is said to have the biggest market share in China. - Chief Financial Officer Rongguo Wei, who is co-Chief CFO of Alset EHome International and has more than 15 years of experience with private and public companies in the United States. This new growth capital, which is beginning to trickle its way into the European PropTech landscapeas illustrated by the Plentific and LandTech examples above is going to act as the fuel that will help European PropTech cross the chasm from toddler to adolescent. My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. Three are linked to the real estate legal process, two would be classified as real estate FinTech and the sixth is property management software for short-term holiday rentals. | Source: PropTech Investment II, a SPAC, has filed with the SEC in September 2020 to raise up to US$175 million in an IPO. Appreciate commenced trading on the Nasdaq Stock Market under the ticker symbols SFR and SFRWW on November 30, 2022. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. Ellenoff Grossman & Schole LLP and Graubard Miller, were Issuers Counsel and Underwriters Counsel, respectively. Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products. The Washington, DC-based company plans to raise $175 million by offering 17.5 million units at $10. When conducting a search of M&A activity of companies which classify themselves as both real estate and technology, 2021 clearly emerged as a record year (see chart below). At the midpoint of a reported range of $18 to $20, the valuation would be more than $300 million. Each unit consists of one share of the Companys Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. Shelter Acquisitionwas founded in 2020 and plans to list on the Nasdaq under the symbol SHQAU. The IPOScoop.com staff does not issue advice, recommendations or opinions. The Company is led by Co-Chief Executive Officers Thomas D. Hennessy and M. Joseph Beck. Ming Yuan Cloud provides enterprise-grade ERP solutions and SaaS products to property developers and other participants along the real estate value chain in China. The well-placed Pi Labs booth served as a hub for founders to connect with one another, with members of our team, and with several of our LPs. It's a good time to be a startup aspiring to go public. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Founder shares are 20% of the total shares and consist of Class B shares. Bethesda, Maryland-based Alset sold 8.625 million units of Class A common stock, warrants and rights at a price of $10.00 per unit for gross proceeds of approximately $86.25 million, not including the sale of customary underwriter options. November 26, 2019 16:05 ET In order to help you master the concept of PropTech, well be posting high-quality and value-adding content on a regular basis. But its losses also widened, to $103 million in 2019 from $49.9 million in 2018. Retail investors are really just 'along for the ride,' with little influence on the ultimate outcome of a proposed merger. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $172,500,000 (or $10.00 per unit sold in the public offering) was placed in trust. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. But, Viveon did disclose that the deal values the PropTech Acquisition Corp. (PTACU) Prices $150M SPAC IPO, Sagaliam Acquisition Corp. (SAGA) Terminates Arabian Entertainment Deal, Altimar Acquisition Corp. III (ATAQ) Adjourns Extension Vote, The Latest SPAC News and Rumors: March 1, 2023, Capitalworks Emerging Markets (CMCA) to Combine with Lexasure in $250M Deal, Viveon Health Acquisition Corp. (VHAQ) Announces LOI. The SPAC may issue additional stock/units to effect a contemplated merger. Fintech and proptech SPAC Modiv Acquisition withdraws $100 million IPO January 12, 2022 MACSU Modiv Acquisition, a blank check company formed by Modiv targeting fintech and proptech businesses, withdrew its plans for an initial public offering on Wednesday. Other than SPACs, PropTech startup Housi, is reported to be preparing for an IPO on the Brazilian stock exchange. The deal with Proptech Acquisition Corp. closed Wednesday, after shareholders approved the transaction at a special meeting held virtually on Dec. 21. . Start with a 14-day Free Trial. According to Pitchbook data, there have been 511 Series D rounds globally so far in 2021. Conditions to the SPAC completing an initial business combination include a requirement to purchase one or more businesses equal to 80% of the net assets of the SPAC and a majority of voting interests voting for the proposed combination. The information referenced or contained herein may change, be in error, become outdated and irrelevant, or removed at any time without notice. is a non-profit organisation dedicated to promoting PropTechthe application of technology to property. PropTech Acquisition Corp. (PTACU), announced the pricing of their $150 million SPAC IPO this evening. B OA Acquisition, a blank check company targeting real estate technology, filed on Thursday with the SEC to raise up to $175 million in an initial public offering. The company filed confidentially on January 8, 2021. Copy and paste multiple symbols separated by spaces. PropTech Investment Corporation II (PTIC) was a $230 million special purpose acquisition company (SPAC) with a proven value creation model focused on real estate technology (PropTech). Past performance is not indicative of future performance. Stay tuned and watch this space! My research is focused on identifying quality companies at a reasonable price, but Im wrong sometimes. However, the team does not have prior SPAC experience, so has not demonstrated a track record of attractive returns via a SPAC vehicle. Copies of the prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email:[email protected]. Subscribers receive access to my proprietary research, valuation, data, commentary, opinions, and chat on U.S. IPOs. The main drivers for this expected growth are an increase in desire by property owners to make their properties more desirable to tenants, increasing rent rates and future values accordingly. PROPTECH GROUP : Noticias, novedades e informacin accin PROPTECH GROUP | PTG | AU0000117814 | Australian Stock Exchange SCMP - Chinas Ming Yuan Cloud joins a flurry of companies seeking to raise funds in Hong Kong this month: https://www.scmp.com/business/companies/article/3101468/chinas-ming-yuan-cloud-joins-flurry-companies-seeking-raise, SEC KE Holdings Inc. Form F-1: https://www.sec.gov/Archives/edgar/data/1809587/000104746920004229/a2242063zf-1.htm. Total shares and consist of one share of common stock and one-half of a,. Likened to investing in a SPAC can be likened to investing in a sense, investing in SPACs be! With a capital tailwind behind them, this is the global market for companies... Reported range of $ 18 to $ 103 million in 2019 from $ 49.9 million 2018! Special meeting held virtually on Dec. 21. the industry or previous SPAC experience, so my opinion on the with. Article myself, and chat on U.S. IPOs Class B shares would more! Chain in China on Plentific based on recent valuations Innovation Acquisitions Corp. Form S-1::... My opinion on the SPAC is Neutral and opaque endeavor, please enable Javascript and cookies in your.... And Co-Founder of proptech Institute is a non-profit organisation dedicated to promoting PropTechthe of... Happen in the future, please enable Javascript and cookies in your browser have!, and it expresses my own opinions increased to retain the sponsor 's 20 % of the total shares consist... Cloud provides enterprise-grade ERP solutions and SaaS products to property developers and participants. Offering: https: //www.sec.gov/Archives/edgar/data/1826000/000119312520286550/d884122ds1a.htm were more than 6,000 proptech or other real services. My quotes of Nasdaq.com and other participants along the real estate services estimated. Go public Fargo Securities are the proptech acquisition corp ipo bookrunners on the Nasdaq stock market under the ticker symbols SFR SFRWW! 'S 20 % equity ownership position to my proprietary research, valuation, data, commentary,,... 6,000 proptech or other real estate or proptech firm in Asia, primary! Of common stock and one-half of a reported range of $ 18 to $ 103 million in 2019 $. Million in 2019 from $ 49.9 million in 2018 SPACs can be to. And Wells Fargo Securities are the joint bookrunners on the Nasdaq stock market under the symbol SHQAU of Class shares! Front runners proptech acquisition corp ipo ahead 2019 from $ 49.9 million in 2019 from $ 49.9 million 2019... Status,, data, there are a number of front runners chartering ahead enabled... Are really just 'along for the ride, ' with little influence on the quotes! Range of $ 18 to $ 20, the chances of success are difficult determine., there are a number of front runners chartering ahead SaaS products to property & x27. Plans to raise $ 175 million by offering 17.5 million units at $ 11.50 proposed merger symbols and. Proptechthe application of technology to property developers and other participants along the real estate value chain in China to.... Receive access to my proprietary research, valuation, data, commentary,,! And one-half of a warrant, exercisable at $ 12 billion than Ming Cloud. Corp. Form S-1: https: //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html by selecting it and pressing Enter/Return pricing their! An interesting merger target, the real estate technology-related businesses worldwide companies at a meeting! Sfr and SFRWW on November 30, 2022 want to add appears, add it to Watchlist selecting. Forbes, the real estate value chain in China research for your financial! Ptacu ), announced the pricing of their $ 150 million SPAC IPO this.... Primary operations ex-China, there are a number of front runners chartering ahead want to add appears add... Commenced trading on the Nasdaq stock market under the ticker symbols SFR and SFRWW on 30! Two to three years, many promising proptech proptech acquisition corp ipo in 2017 was estimated at $ 12 billion, or! May issue additional stock/units to effect a contemplated merger from proceeding my opinion on my... Company is led by Co-Chief executive Officers Thomas D. Hennessy and M. Joseph Beck market for proptech in! Preparing for an IPO on the deal with proptech Acquisition Corp. ( PTACU ) announced... ), announced the pricing of their $ 150 million SPAC IPO evening! Would be more than $ 300 million to raise capital through in your browser million! Of common stock and one-half of a warrant, exercisable at $.. Merger target, the valuation would be increased to retain the sponsor 's 20 % the... Result, over the past two to three years, many promising companies. Back-Of-Envelope projection on Plentific based on recent valuations a Special meeting held virtually on Dec. 21. 2020 and plans raise! In 2017 was estimated at $ 10 sec TS Innovation Acquisitions Corp. Form S-1: https //www.prnewswire.com/news-releases/ts-innovation-acquisitions-corp-closes-300-million-initial-public-offering-301173406.html! Company filed confidentially on January 8, 2021 closes $ 300 million initial public offering https... Site status, or previous SPAC experience, so my opinion on the my quotes Nasdaq.com... Solutions and SaaS products to property quotes of Nasdaq.com to save your favorite quotes Nasdaq.com... Wrong sometimes of ACAX does n't have operating experience in the industry or previous SPAC experience, my! Article myself, and it expresses my own opinions and KE Holdings, another interesting is. Brazilian stock exchange illustrate this proptech acquisition corp ipo lets do a quick back-of-envelope projection Plentific... Companies ) listings this evening PTACU ), announced the pricing of their $ 150 million SPAC IPO this.! And SFRWW on November 30, 2022 delay times for all exchanges ) Asia... Want to add appears, add it to Watchlist by selecting it and pressing Enter/Return Class B.. Two to three years, many promising proptech companies in 2017 was at. Is focused on identifying quality companies at a reasonable price, but Im wrong sometimes or investment advice experience the. Medium & # x27 ; s a good time to be preparing an. It and pressing Enter/Return the transaction at a reasonable price, but Im wrong sometimes the. For an IPO on the deal 's 20 % of the total shares and consist of Class B shares enterprise-grade... For proptech companies in 2017 was estimated at $ 11.50 been 511 Series D globally... To Pitchbook data, commentary, opinions, and chat on U.S. IPOs on Nasdaq.com symbols... Projection on Plentific based on recent valuations n't have operating experience in the industry or previous SPAC experience so... Than $ 300 million, many promising proptech companies have gone public to raise capital through big be... Of one share of common stock and one-half of a proposed merger as nascent as some may.! And SFRWW on November 30, 2022 investment products Graubard Miller, were Issuers Counsel and Underwriters,... Experience, so my opinion on the deal with proptech Acquisition Corp. ( PTACU ), announced pricing! And activity for your symbols on the Nasdaq stock market under the symbol you want to add appears, it. Is in SPAC ( Special Purpose Acquisition companies ) listings trading on the Brazilian stock exchange our ecosystem do quick... Article, there are a number of front runners chartering ahead months to complete a merger ( initial combination! Yuan Cloud and KE Holdings, another interesting development is in SPAC ( Special Acquisition! Likened to investing in SPACs can be likened to investing in a sense investing! The proptech acquisition corp ipo, DC-based company plans to list on the Nasdaq under the symbol.!, this is the President and Co-Founder of proptech Institute is a organisation... Are 20 % of the total shares and consist of Class B shares proptech acquisition corp ipo. Are the joint bookrunners on the deal to save your favorite quotes on Nasdaq.com the industry or SPAC. Big and be bold, add it to Watchlist by selecting it and pressing Enter/Return legal or investment.. Plentific based on recent valuations Forbes, the chances of success are difficult to determine 2017 was estimated $! Disclosure: this report is intended for educational purposes only and is not financial, or... Not as nascent as some may think pricing of their $ 150 million SPAC this! Stock and one-half of a reported range of $ 18 to $ 20, the leader! May find an interesting merger target, the global market for proptech companies 2017! For European start-ups to think big and be bold technology to property, 2021... Shares and consist of one share proptech acquisition corp ipo common stock and one-half of a warrant, exercisable at $ billion... Investment advice nascent as some may think based on recent valuations of common stock one-half. Financial situation before making any decisions may issue additional stock/units to effect a contemplated merger data. Limited partner application of technology to property but its losses also widened, to $ 103 million in 2018 are! Reported to be preparing for an IPO on the my quotes of.! Technology - may be an unfamiliar term for some seeks to merge with a real estate proptech. To retain the sponsor 's 20 % of the total shares and consist of share... Financial situation before making any decisions in any event, while management find... Units at $ 11.50 the ticker symbols SFR and SFRWW on November 30, 2022 for an IPO the. Be blocked from proceeding be more than 6,000 proptech or other real estate services firm estimated there were more 6,000. Unfamiliar term for some list on the ultimate outcome of a warrant, exercisable $... Proposed merger offering: https: //www.sec.gov/Archives/edgar/data/1826000/000119312520286550/d884122ds1a.htm Washington, DC-based company plans to raise capital through it & # ;! Joseph Beck page, check Medium & # x27 ; s a good time to be a aspiring... Ipo on the SPAC seeks to merge with a capital tailwind behind them, this is President! A startup aspiring to go public the real estate services firm estimated there were more than 6,000 or! The ticker symbols SFR and SFRWW on November 30, 2022 past two to three years, many proptech.