Macquarie-led consortium launches IPO of property services company PEXA: Reuters

An Australian consortium has kicked off the initial public offering of online property settlements company Property Exchange Australia (PEXA) [IPO-PRO.AX], seeking to raise up to A$862 million ($610 million), float managers said on Tuesday.

A spokeswoman for PEXA, which is used by lawyers to lodge documents and complete property settlements electronically with land registries, confirmed the IPO had been launched but declined further comment.

The consortium, which includes Macquarie Group (MQG.AX), Australia’s four largest banks and its three most populous states, is offering about 40 percent of the company’s shares at A$13.60 to A$15.80, valuing PEXA at up to A$2.2 billion.

Macquarie Capital and Morgan Stanley are managing the listing of the company for the consortium, which also includes Link Administration Holdings (LNK.AX), the managers said in a statement.

A book-build process will take place on Oct. 24 and Oct. 25 and shares are expected to commence trading on Nov. 19, the statement said.