In late October, PropertyGuru Ltd.’s board huddled with investment bankers from Credit Suisse Group AG, UBS Group AG and others to discuss the Singapore startup’s impending initial public offering.
But two days out from when PropertyGuru’s shares were due to start trading, the board unanimously agreed to pull the plug.
PropertyGuru’s IPO was one of the most-anticipated events in Singapore’s tech scene this year. The 12-year-old company, started by entrepreneurs Steve Melhuish and Jani Rautiainen the same year the iPhone was launched, has become a household name in the property-crazed city-state.
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