Thakral Corporation's Landmark IPO: GemLife Communities Goes Public
Thakral Corporation has announced the launch of an IPO for GemLife Communities Group in Australia, aiming to raise AUD 750 million. The IPO is the largest anticipated in Australia for 2025. Thakral plans to expand its stake in GemLife, with securities to be listed on the ASX.
- Country:
- Singapore
Thakral Corporation, of Indian origin, unveiled the initial public offering for GemLife Communities Group in Australia, seeking to raise approximately AUD 750 million (around Rs 4,227 crore).
This IPO, fully underwritten by prominent financial entities J.P. Morgan Securities Australia Limited and Morgan Stanley Australia Securities Limited, is expected to be Australia's largest for the year 2025, as disclosed by the Singapore-based corporation.
GemLife's IPO has initiated on the Australian Securities Exchange (ASX), targeting an AUD post-money valuation of 1.58 billion. Thakral Corp, holding a 31.7% stake, intends to acquire 600,962 additional GemLife Stapled Securities, aiming for 64,000,962 total securities with each priced at AUD 4.16, post successful IPO execution. The securities will list on the ASX on July 3, 2025.
Inderbethal Singh Thakral, CEO, praised the company's growth in the over-50s sector, while CEO Adrian Puljich highlighted the national expansion of 32 projects, driven by quality commitment and cost-effective solutions for senior Australians.
(With inputs from agencies.)
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