Thakral Corporation’s investee company, GemLife Communities Group, has successfully debuted on the Australian Securities Exchange (ASX) under the ticker symbol ‘GLF’. On its first day of trading, GemLife’s securities price rose by 4.1% to A$4.33, achieving a market capitalisation of A$1.65b. The initial public offering (IPO) raised A$750m from 180.28 million stapled securities offered at A$4.16 each, making it the largest IPO in Australia this year.
GemLife, a leading operator of over-50s lifestyle resorts in Australia, plans to use the proceeds from the IPO to acquire the Aliria Group portfolio, which will expand its pipeline from approximately 6,500 homes to 9,836 homes. The funds will also be directed towards reducing debt, strengthening the balance sheet, and providing additional working capital.
Thakral, which holds a 16.8% stake in GemLife post-IPO, demonstrated its confidence in the company by subscribing for an additional 600,962 GemLife Stapled Securities at the IPO price. Inderbethal Singh Thakral, CEO and Executive Director of Thakral, expressed satisfaction with the listing, stating, “GemLife’s successful ASX listing represents the realisation of a strategic vision we have supported since inception.”
GemLife’s expansion is set to enhance its national footprint, with communities across Queensland, New South Wales, and Victoria. As the company continues to grow, Thakral aims to strengthen its strategic alignment and support GemLife’s journey in the over-50s lifestyle space.
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