He and his brother Jack said in July that they planned to sell up to 20 per cent of their holding in the pharmacy giant.
Chemist Warehouse co-founder Sam Gance has sold a $250 million stake in Sigma Healthcare in what is expected to be the first of a series of block trades as shares owned by its billionaire co-founders come out of escrow.
Gance sold 86.8 million shares at $2.88 per share on Friday, according to a substantial shareholder notice lodged with the Australian Securities Exchange on late Tuesday.
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Each of the seven co-founders plans to sell exactly the same number of shares in the IPO, which would bring each of them about $250 million in cash at the midpoint of the price range while leaving the group in control of the company.
Scott Farquhar and Mike Cannon-Brookes once held equal stakes in the software giant, but Farquhar is now selling shares, while Cannon-Brookes buys up.
