Link Administration Plans IPO Roadshow for Pexa Unit
(Bloomberg) -- Link Administration Holdings Ltd. plans to begin its investor roadshow for an initial public offering of its online conveyancing business Torrens Group Holdings Pty as soon as this week, according to people familiar with the matter.
Link, which is also exploring a trade sale of the business known by the brand Pexa, plans to meet with prospective investors for formal presentations, said the people, who asked not to be named discussing confidential matters. The potential offering may value the business at close to A$3 billion ($2.3 billion), said one of the people.
Deliberations are ongoing and the company may decide not to proceed with the listing, the people said. A spokesperson for Torrens Group declined to comment.
The company would prioritize a trade sale of the Pexa unit over a de-merger, it has said. Binding buyout offers are due in June, it said.
Private equity firms Carlyle Group Inc. and Pacific Equity Partners Pty proposed a takeover of Link last year, followed by a rival offer from financial software maker SS&C Technologies Holdings Inc. Both of the offers have been withdrawn.
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