* PEXA to list on July 1
* IPO to raise A$1.18 billion at A$17.13/shr
* Plans to expand into the UK (Adds details on shareholding structure, earnings forecasts, expansion plans)
June 14 (Reuters) - Online property company PEXA Group Ltd is set to make its Australian market debut on July 1 after filing a prospectus on Monday for what would be the country’s largest initial public offering (IPO) this year.
The hotly anticipated IPO comes as Australian house prices skyrocket thanks to record-low borrowing rates and government incentives that have pushed up demand for housing.
PEXA, whose online exchange handles more than 300,000 transactions a month, expects to raise A$1.18 billion ($909.19 million) from the IPO at an offer price of A$17.13, as previously reported by Reuters.
At the offer price, PEXA will be valued at more than A$3 billion.
The listing will bring an end to months of interest from private equity giants and others for PEXA that also attracted bids for its largest shareholder, Link Administration Holdings .
Link will have the option to raise its stake in PEXA to 47% from 44%, while Commonwealth Bank of Australia, the top mortgage lender in the country, will also be able to raise its holding to 29%. Morgan Stanley plans to sell its entire 40% interest in PEXA.
A little over a fifth of the company will be open to new investors, according to the prospectus.
Having about 80% of the market share in Australia, PEXA is planning to expand to the United Kingdom as early as next year.
The company, which makes the bulk of its money from property transfer fees and refinancing of loans, said it expected revenue of A$218.5 million in fiscal 2021.
The figure is estimated to rise to A$246.9 million the next year when it also expects to post a profit.
Barrenjoey, Macquarie Capital, Morgan Stanley and UBS are the underwriters for the offering.
$1 = 1.2979 Australian dollars Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Aditya Soni