Australian private equity firm Macquarie Group led consortium has kicked off the initial public offering (IPO) of online property settlements company Property Exchange Australia (PEXA), seeking to raise up to A$862 million ($610 million).

The consortium includes Macquarie Group, Australia’s four largest banks and a number of state governments.

The consortium is offering shares in PEXA at a price range of $9.61 to $11.2.

U.S.-based financial services company Macquarie Capital and peer Morgan Stanley are managing the listing of PEXA.