GemLife, a land-lease developer, is poised to commence trading on the Australian Securities Exchange (ASX) in Sydney this Thursday. This follows the completion of a $750 million initial public offering (IPO), marking it as the largest IPO in Australia so far this year. GemLife develops and operates lifestyle resorts for over-50s, offering an alternative to traditional retirement living. The company aims to provide high-quality, secure, and well-maintained communities for its residents.
The debut of GemLife follows a series of recent ASX listings, including Virgin Australia, Greatland Resources (a gold producer backed by the Forrest family), and biotech firm Tetratherix. The IPO involved the sale of 180.3 million GemLife shares, priced at $4.16 each, resulting in a market capitalisation of $1.58 billion for the company.
Prior to the IPO, GemLife was jointly owned by Queensland’s Puljich family and Thakral Capital, a company listed in Singapore. The successful IPO represents a significant milestone for the company and underscores investor confidence in the land-lease sector.
Trading of GemLife shares is scheduled to begin at midday, marking the official commencement of the company’s journey as a publicly listed entity. Market participants will be closely watching the stock’s performance in its initial trading sessions.
