GemLife’s $750m IPO oversubscribed ahead of listing

GemLife CEO Adrian Puljich, who has launched a new over-50s venture, Aliria. Picture: Supplied

Retirement living group GemLife has finalised details of its $750m initial public offering timetable, as it gets set to list on July 3 with a $1.58bn market value.

A book message sent to investors on Thursday said $725m had been allocated to cornerstone investors, after demand was in excess of $750m.

The remaining $25m of the $750m IPO would be sold into the institutional offer and was already multiple times covered ahead of the 1.30pm AEST close.

Working on the transaction are JPMorgan, Morgan Stanley, Morgans and Ord Minnett.

The family owners of GemLife are raising the funds to drive down debt, pursue growth and fund the purchase of an initial eight projects under its new over-50s Aliria Portfolio to deliver a significant pipeline.

Shares are being sold at $4.16 each, equating to 15 times its 2026 financial year forecast net profit of $104m.

Chief executive Adrian Puljich will reduce his ownership to 17.6 per cent from 33.4 per cent of the business following its listing, Peter Puljich will own 8.8 per cent, down from 16.7 per cent, Thakral Capital 16.7 per cent, down from 31.7 per cent and other investors would own 9.6 per cent.

New investors would own 47. 4 per cent.

The company plans to list on July 3, after shares were allocated on Thursday June 12.

GemLife sells manufactured homes to the 50-plus section of the market on Australia’s east coast and is a dominant player in the Queensland market.

It comes as Bain Capital this month finalised a $685m IPO for Virgin Australia, with the country’s second largest carrier to return to the listed market on June 24.