Fairfax Media’s real estate listings business Domain is set to float on the Australian Securities Exchange on Thursday, November 16, after gaining the approval of the Federal Court on Monday, following a shareholder meeting last week.
Domain Holdings Australia, listed under the ASX code “DHA”, will begin trading on a deferred settlement basis before moving to normal settlement on Thursday, November 23.
The company will be listed alongside Australia’s other top performing public companies on the ASX 200.
Analysts believe the new company will be valued at $3.50 a share once it gains momentum. Domain will start trading at zero.
It is estimated that Fairfax Media will be capitalised at $1.7 billion next week once the real estate company separates.
Fairfax Media will retain a 60 per cent stake in the company alongside its newspaper, radio, New Zealand and streaming assets.
The split was supported almost unanimously by shareholders, with a vote of 99.89 per cent.
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