Thakral associate GemLife to raise up to $627m in IPO

Over-50s lifestyle resorts operator's listing set to be Australia's largest to date in 2025

- 

An associate of property investor Thakral Corporation has launched an initial public offering (IPO) to raise up to A$750 million (S$626.5 million) at an implied post-money valuation of A$1.58 billion, the mainboard-listed company said in a bourse filing on June 17.

The IPO of Australian over-50s lifestyle resorts operator GemLife Communities is set to be Australia's largest to date in 2025.

GemLife is said to be the country's largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.

Its listing is fully underwritten by JPMorgan and Morgan Stanley in Australia, noted Thakral, which holds a 31.7 per cent effective interest in GemLife.

The stapled securities are expected to be listed and quoted on the Australian Securities Exchange upon the IPO closing on July 3.

Thakral intends to subscribe for an additional 600,962 GemLife stapled securities at the IPO price of A$4.16 each, translating to a total of 64,000,962 GemLife stapled securities.