GemLife is set to launch an initial public offering potentially listing at a market capitalisation of $1.5b
A family who were the pioneers of the growing over-50s lifestyle resorts behind are seeking to launch an IPO that will value the company at more than $1.5bn.
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The family behind land lease giant GemLife is set to launch an initial public offering potentially listing at a market capitalisation of more than $1.5bn.
The Gold Coast-based Puljich family are pioneers in the development and management of over 50s lifestyle resorts and GemLife began operations in late 2016 as a joint venture with Singaporean listed Thakral Capital.
Thakral has a 31.7 per cent slice of the company.
It is understood that GemLife has secured firm bids for its $750m IPO target, after its bankers closed the cornerstone bookbuild on Friday afternoon.
If it goes ahead GemLife will be among the biggest IPO candidates for 2025, alongside Virgin Australia’s $685m IPO which represented 30.2 per cent of shares on issue and a market capitalisation of $2.3bn based on offer price.
GemLife – which currently has 14 over 50s lifestyle resorts in Queensland, NSW and Victoria – would list with a $1.5bn market capitalisation. Its founding families are not selling down.
Its bankers, JPMorgan, Morgan Stanley and Highbury Partnership, will open the bookbuild broader next week.
The land lease market is in demand from investors, as evidenced by listed rivals, Ingenia and Lifestyle Communities, which are both trading at over 17 times their net profit.
GemLife chief executive and director Adrian Puljich was not immediately available.
However, in a statement to the Singapore Stock Exchange, Thakral said the Board understands that GemLife is in advanced discussions with potential underwriters for the proposed IPO.
“Shareholders and potential investors of the company should note that there is no assurance or certainty that any agreement for the underwriting of the proposed IPO will be entered into and no assurance or certainty that the Proposed IPO will proceed and, if proceeded with, will close successfully,” the company said.
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