Link Administration’s PEXA Group listed on the Australian Securities Exchange (ASX) today, following the completion of its initial public offering (IPO) that raised an enterprise value of $3.3 billion.
In its announcement to the ASX, PEXA said the IPO raised $1.174 billion at $17.13 per share.
On listing, Link would hold 42.8% of PEXA shares, the Commonwealth Bank of Australia would hold 23.9%, and the remainder balance to be held by new institutional and retail investors, employees, directors, and practitioner partners.
PEXA chair, Mark Joiner, said: “Our listing today on the ASX marks another important milestone for PEXA, as we look to explore opportunities to take our experience and expertise into new markets in Australia and internationally”.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.