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UPDATE 2-IPO for Australian property settlement firm PEXA seeks to raise $610 mln

Published 23/10/2018, 05:51 pm
Updated 23/10/2018, 05:51 pm
© Reuters.  UPDATE 2-IPO for Australian property settlement firm PEXA seeks to raise $610 mln

© Reuters. UPDATE 2-IPO for Australian property settlement firm PEXA seeks to raise $610 mln

* IPO seeks to raise A$862 mln, book-building between Oct 24-25

* Owned by consortium including Macquarie, Big Four banks

* About 40 pct of PEXA on offer, valuing company at up to A$2.2bln (Recasts and adds details of the offering)

By Paulina Duran

SYDNEY, Oct 23 (Reuters) - An IPO for Property Exchange Australia (PEXA), an online property settlements firm, is seeking to raise as much as A$862 million ($610 million), in what could be the country's biggest listing for a software and internet services firm.

PEXA was formed in 2010 out of a government-mandated project to deliver a national e-conveyancing system for Australia's A$6.9 trillion property market.

A consortium led by Macquarie Group MQG.AX and including the country's four largest banks is offering about 40 percent of PEXA's shares at A$13.60 to A$15.80, the managers of the float said in a statement.

At the top of the range, PEXA's IPO would be Australia's third-largest this year and surpass the A$833 million raised by accounting software firm MYOB Group when it listed in 2015, according to Refinitiv data. It would value the company at A$2.2 billion.

The Victorian, New South Wales, Queensland and Western Australian state governments and Link Administration Holdings LNK.AX are also part of the consortium. Macquarie Capital and Morgan Stanley (NYSE:MS) are managing the IPO

Macquarie, Commonwealth Bank of Australia CBA.AX , Link, and the state of Victoria will retain stakes in the company.

About A$85 million of the IPO will be used for corporate purposes and to develop its digital services, while the rest of the proceeds will be paid to the shareholders.

Bookbuilding for institutional investors will take place Oct. 24-25 with the offer opening to retail investors Nov 5-13. PEXA's shares are expected to commence trading on Nov. 19. ($1 = 1.4160 Australian dollars)

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