Australia’s property settlement firm PEXA kicks off $610m IPO

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

Macquarie Capital and Morgan Stanley are managing the listing of the company for the consortium, which includes Macquarie Group, Australia’s four largest banks and a number of state governments, according to the statement.

A spokeswoman for PEXA confirmed an IPO had been launched but declined further comment.

The consortium is offering shares in the company at a price range of A$13.60 to A$15.80, the statement said.