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”.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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