(Bloomberg) -- KKR & Co. and TPG Inc. are exploring options including a buyout of Southeast Asian online real estate platform PropertyGuru Group Ltd., people familiar with the matter said.

The US private equity firms are working with a financial adviser to help gauge initial interest from other global investors in New York-listed PropertyGuru, the people said, asking not to be identified because the matter is private. KKR and TPG, which own about 26.5% and 29.6% of PropertyGuru, respectively, could also opt to buy the remaining shares they don’t already hold, the people said.

The considerations are preliminary and no final decisions have been made, according to the people. 

A representative for KKR declined to comment on the subject. TPG and PropertyGuru didn’t immediately respond to requests for comment.

PropertyGuru’s shares, which rose as much as 6.8% on Wednesday, have now gained 38% this year. They closed up 4.3% to $4.60, giving the company a market value of $754 million.

Singapore-based PropertyGuru went public in New York in 2022 after a merger with Bridgetown 2 Holdings Ltd., a special purpose acquisition company backed by billionaires Richard Li and Peter Thiel. Australia’s REA Group Ltd. also owns a significant minority stake in the business as part of a broader deal in 2021.

Established in 2007 and led by Chief Executive Officer Hari V. Krishnan, PropertyGuru provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand.

(Updates with closing share price in fifth paragraph)

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