Singapore Indian group's Gemlife debuts on ASX at AUD 4.33 per share

Singapore, Jul 3 (PTI) Singapore-listed Indian origin business group Thakral Corp says its investee company, GemLife, successfully debuted on the Australian Securities Exchange (ASX) with securities price increasing 4.1 per cent to Australian Dollar (AUD) 4.33 on the first day of trading, with a market cap of AUD 1.65 billion.

Through the IPO, GemLife has raised AUD 750 million from the 180.28 million stapled securities offered at a price of AUD 4.16, making it Australia's biggest IPO this year.

GemLife, under the ticker symbol of 'GLF', plans to deploy proceeds from the IPO to support GemLife's ongoing growth, including the acquisition of the Aliria Group portfolio, which is expected to increase its pipeline to 9,836 homes from approximately 6,500 homes.

The funds will also be utilised towards reducing debt, strengthening the balance sheet, and as additional working capital, Thakral said in a release in Singapore on July 3.

Thakral holds a 16.8 per cent stake post-IPO in GemLife Communities Group, a leading Australian over-50s lifestyle resorts operator.

Inderbethal Singh Thakral, CEO and Executive Director of Thakral, said, "GemLife's successful ASX listing represents the realisation of a strategic vision we have supported since inception. We're pleased to witness such strong investor support for GemLife, which speaks to the market's recognition of its leadership in the over-50s lifestyle space." PTI GS TRB TRB