Image – Mark Joiner, Chairman PEXA. Image – PEXA.
  • IPO was at $17.13 per share
  • PEXA closed at $17.15
  • Link Administration Holdings Limited will hold 42.8%

PEXA (ASX: PXA), Australia’s leading digital settlement platform offering a secure online environment for conveyancers, lawyers, and lenders to transact in, has now officially listed on the ASX.

The initial public offering (IPO) was lodged back in mid-June, following a flurry of activity.

In mid-May, the company struck a deal with Domain, the two to bring together their data assets to unveil unique insights across the property market.

Some days and weeks later, news broke that PEXA had garnered the interest of buyers, a takeover bid came from a consortium of Domain and KKR. A condition of the acquisition included not proceeding with the IPO.

A short time later, the deal was no more, Domain announced that it no was no longer pursuing the purchase.

IPO details

The IPO raised gross proceeds of $1.174 billion at a price of $17.13 per share, representing an enterprise value of $3.3 billion.

Major shareholder, Link Administration Holdings Limited will hold 42.8 per cent of PEXA shares on issue, with the Commonwealth Bank of Australia holding 23.9 per cent and the balance to be held by new institutional and retail investors, employees, directors and practitioner partners.

“Our listing today on the ASX marks another important milestone for PEXA,”

Mark Joiner, PEXA Chairman

Trading so far

Prices dipped below the IPO figure around 1 pm, PXA was trading at around $16.40.

The price quickly recovered and is now trading above the IPO, at $17.29 at the time of writing.

UPDATE: PEXA has closed at $17.15, two cents up from the IPO price.

Activity for the first day of trading of PEXA shares. Image – ASX.

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