Tracking the start-up and growth of a new Internet venture at the start of the industry's boom in mid-1999, the case delineates the experiences of two young engineering and business graduate entrepreneurs: Alex Koo and David Leong, who set-up a B2C portal for the real estate industry (REI). To capitalise on the Internet's early growth prospects and first mover advantage in Asia, they drew up aggressive growth plans, which included setting-up a B2B network for the Asian region and listing on the Stock Exchange of Singapore (SGX) in a year. The late 1999 Internet industry euphoria caused unprecedented stock valuations and frenzied investors' interest in dotcoms like iPropertynet.com, a candidate for the initial public offering (IPO). By March 2000, it had received two rounds of financing from angel and private investors and was on course to achieving the IPO goal. But the Internet industry bubble started to burst and dotcom stock valuations crashed. The Singapore property market and economy entered a slow-down, and many of the iPropertynet.com's start-up assumptions appeared shaky. By July 2000, Leong and Koo had spent nearly S$300,000 on IPO preparation and were on course to list on the SGX. Facing a bleak business environment and uncertain outcome of the IPO, Leong and Koo wondered as to how to proceed: to list or not to list? Period covered 2000