Australian link says it will list PEXA with a valuation of 2.5 billion
Adds background, IPO details
May 31 (Reuters) – First shareholder of PEXA, Link Administration Holdings Ltd, LNK.AX said on Monday that the online real estate company would be listed on the Australian Stock Exchange with an enterprise value of A $ 3.3 billion ($ 2.54 billion).
TThe process of creating books for the initial public offering (IPO) was complete and PEXA is expected to start trading towards the end of June, Link said.
Last week, American private equity giant KKR & Co KKR.N has offered over AU $ 3 billion for PEXA, subject to Link’s scrapping plans to list the company, a question the shareholder registrar has been pondering for last year, with a commercial sale.
Link had set June as the deadline for bidders for PEXA, which has seen rapid growth due to a booming Australian property market and a shift to digital channels amid the pandemic.
Link said he would receive around A $ 50 million in cash from the IPO and his stake in PEXA would drop from 44.2% to 47%.
Morgan Stanley Infrastructure Partners MS.N and Commonwealth Bank of Australia CBA.AX currently owns the rest.
According to media reports, PEXA is expected to raise A $ 1.18 billion to A $ 17.13 per share, which would make it the largest IPO this year on the ASX.
(1 USD = 1.2970 Australian dollar)
(Reporting by Anushka Trivedi in Bengaluru; Editing by Daniel Wallis and Lincoln Feast.)
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