Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

PEXA makes ASX debut after outage

The property settlements platform had a shaky start on the ASX, after experiencing an outage.

PEXA listed on the ASX on Thursday (1 July), after raising $1.1 billion through its initial public offering at a price of $17.13 per share. At listing, PEXA's market cap was $3.3 billion.

On Friday afternoon, PEXA’s share price sat at $17.66, a slim profit for IPO investors, with the price 53 cents higher than at listing.

PEXA’s parent company, Link Administration Holdings, retained 42.8 per cent of PEXA’s shares, while co-owner CBA held 23.9 per cent.

The conveyancing platform reported the new shareholders will support it through its next phase of growth.

Advertisement
Advertisement

PEXA chair Mark Joiner commented the listing markets an “important milestone”.

However, the company experienced wobbles on the eve of its IPO, with its platform having an outage on Wednesday afternoon for an hour and 45 minutes.

The technical difficulties may have prevented banks, conveyancers, and other parties from settling transactions for almost two hours.

PEXA said it was “deeply disappointed” in a status update, apologising to any affected homebuyers and sellers.

But PEXA’s transaction volumes through its exchange in the fourth quarter of the 2021 financial year, (960,000 processed), were around 48 per cent above the prior corresponding period in FY20.

Link confirmed PEXA would be listing on the ASX in June, after it turned down a $1.95-billion acquisition offer from a consortium of private equity firms.

The company brought in new directors to its board ahead of the listing, including SCA Property group and EML Payments director Kirstin Ferguson and Challenger and PayPal director Melanie Willis.

[Related: Qld races ahead in property settlements: PEXA]

PEXA makes ASX debut after outage
PEXA ASX debut overshadowed by outage
mortgagebusiness

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

Latest News

The brokerage has teamed with the fintech, for the launch of a new app that will let borrowers compare pricing and environmental impact acro...

The desire to secure a mortgage has collapsed across the country, according to a new analysis from Equifax. ...

The Reserve Bank will be closely watching how households respond to higher rates as it decides its next move, ANZ senior economists have sai...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.