The shareholding in the PEXA initial public offering by superannuation administrator Link Group has been finalised to be 42.8%, as the listing date remains 1 July, 2021.
The listing would go ahead as long as the IPO continued to satisfy Australian Securities Exchange (ASX) listing requirements.
At the conclusion of the IPO, Link Group would hold 42.8% of the equity in PEXA and receive approximately $180 million of net cash proceeds.
The cash proceeds would be applied against debt in the first instance with the aim of delivering a stronger and more flexible balance sheet for Link Group.
Vivek Bhatia, Link Group chief executive and managing director, said: “Link Group has retained a significant holding in EA while strengthening its own balance sheet with gearing expected to be at the bottom of our target leverage range of two to three times net debt/EBITDA.
“Link Group will review its various options and advise the market releasing our FY results on 26 August, 2021.”