Australia's Link says will list PEXA with $2.5 bln valuation (updated)
31/05/2021 24:10
(Adds context, details of IPO)
May 31 (Reuters) - PEXA's top shareholder, Link
Administration Holdings Ltd, LNK.AX said on Monday it would
take the online real estate company public on the Australian
stock exchange with an enterprise value of A$3.3 billion ($2.54
billion).
The bookbuild process for the initial public offering (IPO)
had completed and PEXA was expected to start trading towards the
end of June, Link said.
Last week, U.S.-based private-equity giant KKR & Co KKR.N
offered more than A$3 billion for PEXA, conditional on Link
scrapping plans to list the company, a matter the shareholder
registry firm had been mulling since last year, along with a
trade sale. urn:newsml:reuters.com:*:nL3N2NE2QD
Link had set June as a deadline for bidders for PEXA, which
has grown rapidly due to a booming Australian property market
and a shift to digital channels amid the pandemic.
Link said it would get about A$50 million in cash from the
IPO and its stake in PEXA would increase to 47% from 44.2%.
Morgan Stanley Infrastructure Partners MS.N and
Commonwealth Bank of Australia CBA.AX currently own the rest.
According to media reports https://www.bloombergquint.com/business/pexa-kicks-off-910-million-ipo-in-year-s-biggest-for-australia#:~:text=The%20price%20has%20been%20set,an%20offer%20from%20KKR%20%26%20Co,
PEXA is expected to raise A$1.18 billion at A$17.13 per share,
which would make it the biggest IPO this year on the ASX.
($1 = 1.2970 Australian dollars)
(Reporting by Anushka Trivedi in Bengaluru; Editing by Daniel
Wallis and Lincoln Feast.)
((Anushka.Trivedi@thomsonreuters.com; +918061823241;))