A rough start to life as a separately listed entity for PEXA, the online property conveyancing company yesterday.
The shares dropped 4.3% from their $17.13 offer price when the company hit the ASX boards at 1pm.
They settled and bounced towards the end of the session to be up 0.1% at $17.15, having hit a day’s low of $16.40.
Its listing price gave PEXA a value of $3.3 billion – the largest float since 2019.
The previous biggest float was the ill-fated Nuix last December at $1.7 billion.
Ironically PEXA’s first announcement to the ASX was confirmation it had suffered an embarrassing operational glitch on the eve of its listing (which was the second go, by the way).
In a statement to the ASX Thursday morning PEXA said an outage temporarily prevented members from being able to log in to the platform for a period of 1 hour 45 minutes. It said services were restored by 5pm on Wednesday.
“All property settlements that were in ‘Ready’ status proceeded yesterday, with the remainder requiring rebooking,” the company said.
The company, which was brought to the market by backers which included Commonwealth Bank, Link Administration and Morgan Stanley Infrastructure Partners (MSIP), also said that transaction volumes for the June quarter were 4% better than prospectus forecasts.
It said more than 960,000 transactions were processed compared to a forecast of 923,000.
Shares in PEXA’s major shareholder (with 42%) Link Administration, eased 0.1% to $5.06.
Because of the size of its holding, the performance of Link shares will gradually be driven by the performance of PEXA shares.
