Digital property settlements platform PEXA (ASX: PXA) has today debuted on the Australian Stock Exchange (ASX: ASX), with the company's shares up marginally since opening.
The listing follows the Sydney-based company's $1.17 billion IPO at a price of $17.13 per share, representing an enterprise value of $3.3 billion.
PEXA, which stands for Property Exchange Australia Limited, was founded in 2010 by former CEO Marcus Price and aims to give its users the ability to lodge documents with land registries and complete financial statements electronically.
The company is self-described as an entity similar to the ASX itself but for the property sector, streamlining cumbersome paperwork and processes associated with conveyancing through the online property exchange.
"We are delighted with the outcome of the IPO and the support shown by institutional and retail investors," PEXA chairman 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."
On listing, Link Administration Holdings will hold 42.8 per cent of PXA shares on issue, with the Commonwealth Bank of Australia (ASX: CBA) holding 23.9 per cent and the balance held by new institutional and retail investors, employees, directors and practitioner partners.
Both CBA and Link, alongside Morgan Stanley Infrastructure, acquired PEXA back in 2019 for $1.6 billion.
Since then the company the company cracked a coveted milestone after announcing in 2020 that $1 trillion worth of property had been transacted through the platform.
In conjunction with the company's listing PXA released its 1H21 results, demonstrating 27 per cent growth in revenue to nearly crack $100 million for the half.
The company attributed the growth to a significant increase in transaction from 1,196,198 in the six months to 31 December 2019 to 1,525,262 in 2020.
While the company was not profitable during 1H21, posting a loss after tax of $1.59 million, the result was an improvement on the 1H20 loss of $2.76 million.
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