POWERED BY MOMENTUM MEDIA
PEXA IPO expected for end of June
Link Group has signed an underwriting agreement for the purposes of a proposed initial public offering (IPO) of its property settlement business, PEXA, with an enterprise value of $3.3 billion.
According to an announcement on the Australian Securities Exchange (ASX), Link said its shareholding in PEXA would increase from 44% to 47% and Link Group would receive a minimum $50 million in cash as a result of the IPO process.
“The proposed PEXA IPO has an expected ASX listing date towards the end of June 2021,” it said.
“The Link Group board unanimously concluded that retaining exposure to Link Group’s interest in PEXA, whilst also realising a transparent valuation through a listing and flexibility to monetise its interest over time, was in the best interests of shareholders.”
Link Group’s chief executive and managing director, Vivek Bhatia, said this was an “outstanding outcome” for shareholders.
“In October, 2020, the Link Group board considered that the private equity consortium’s bid for Link Group, including its interest in PEXA, significantly undervalued Link Group’s business including the PEXA asset,” Bhatia said.
“This has now demonstrated through the book build undertaken on Friday valuing PEXA at $3.3 billion, representing an increase of approximately 70% on the consortium’s implied valuation of PEXA at $1.95 billion.”
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
