Link’s PEXA to be largest Aussie IPO in 2021
![IPO image](https://moneymanagement-live.s3-ap-southeast-2.amazonaws.com/s3fs-public/field/image/IPO%20005-300.jpg)
![IPO image](https://moneymanagement-live.s3-ap-southeast-2.amazonaws.com/s3fs-public/field/image/IPO%20005-300.jpg)
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.”
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