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Australia's Link says will list PEXA with $2.5 bln valuation

Credit: REUTERS/DANIEL MUNOZ

PEXA's top shareholder, Link Administration Holdings Ltd, 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).

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.

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, 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;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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