PEP-backed Link gains on Australia debut

Link Group sold about 149 million shares at A$6.37 each, according to a filing, at the top of the scale set in the prospectus. At the start of trading on October 28, the shares were trading at A$7.12.

PEP first invested in Link Group in 2005, when it bought leading Australian share registry Link Market Services (LMS) from Australian Securities Exchange and Perpetual Trustees Australia. The firm acquired the second component of Link Group, fund administration services provider AAS, from Telstra Corp. in 2006.

Link Group manages financial ownership data for more than 2,300 clients worldwide, processes A$70 billion in payments each year, and generates more than three quarters of its revenue through fund administration. It employs 4,300 people in 11 countries.

PEP made a partial exit through the offering, selling 38 million shares to reduce its stake from 52.9% to 30.3%. Fellow investors Intermediate Capital Group (ICG) and Macquarie sold 18.7 million shares and 9.1 million shares, respectively, leaving them with a 10% and 4% stake.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Financials
• Exits
• Investments
• Australia
• Financial Services
• Pacific Equity Partners
• IPO
• Exit