The company of the former dotcom boomer, Patrick Grove, offloaded 25 per cent of its stake in its listed online business iProperty last night in a selldown worth about $27m.
Morgans was handling the block trade after market closed on behalf of Mr Grove’s Catcha Group. On offer were 10 million shares auctioned at a price ranging from $2.70 to $2.75, representing 5 per cent of the shares on issue.
Catcha is understood to be selling the stake to reinvest into a new business venture.
iProperty is based in Kuala Lumpur and owns and operates a network of 18 property websites in Asia. It recently announced the acquisition of Realestate.com’s (REA) Hong Kong business.
REA itself bought 17 per cent of the company in July 2014 for $3.40 per share and has since increased its holding to 19.4 per cent.
The Catcha Group is the company behind various online websites listed on the ASX, including iProperty, iCar Asia and iBuy, and collectively, their market capitalisations add up to $962 million.
It is understood to have engaged with investment bank Credit Suisse about launching its latest float on the ASX — iFlix Asia.
Meanwhile, fund managers yesterday were reporting reasonable demand for IPO prospect Aconex, which is currently in the middle of a roadshow.
But they were struggling to value the company due to its unpredictable future earnings with its global expansion.
The company’s value has been priced in the range of $351m to $406m.
IPP Price at posting:
$2.82 Sentiment: None Disclosure: Held
