Link’s PEXA to be largest Aussie IPO in 2021

super/Link/PEXA/IPO/

31 May 2021
| By Jassmyn |
image
image image
expand image

Superannuation administrator Link PEXA is set to be the largest initial public offering this year despite a surprise $3 billion bid from Kohlberg Kravis Roberts and Co (KKR) to purchase the property settlement business.

The bid expired on Sunday, and media reports said some shareholders were looking to raise $1.18 billion for the IPO.

According to Bloomberg, online property exchange Torrens Group Holdings would be renamed to PEXA would issue about $216 million worth of shares while Link and other investors were selling about $916 million in shares.

“Morgan Stanley Infrastructure Partners is disposing of its entire stake in PEXA while Link’s holding will drop to 42.1% from 42.6%, the terms show. Commonwealth Bank of Australia is also selling part of its holdings,” it said.

“The price has been set at $17.13 per share, giving PEXA an $3.3 billion enterprise value.”

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 20 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5