Thakral Corp announces AUD 750 mn Gemlife IPO in Australia

Singapore, Jun 17 (PTI) Indian-origin Thakral Corporation on Tuesday said it has launched the initial public offer of its over-50s lifestyle resorts developer GemLife Communities Group in Australia to raise around AUD 750 million (around Rs 4,227 crore).

The IPO, fully underwritten by J.P. Morgan Securities Australia Limited and Morgan Stanley Australia Securities Limited, is projected to be Australia’s largest IPO in 2025, the Singapore-based company said.

The IPO of GemLife Communities Group has been launched on the Australian Securities Exchange (ASX) to raise up to AUD 750 million at an implied post-money valuation of AUD 1.58 billion, Thakral Corp stated in an exchange filing.

Thakral Corp, which currently holds a 31.7 per cent stake in GemLife, intends to subscribe for an additional 600,962 GemLife Stapled Securities at the IPO price of Australian dollars 4.16 per Stapled Securities, resulting in a total of 64,000,962 GemLife Stapled Securities upon successful completion of the aforesaid subscription.

The stapled securities are expected to be listed and quoted on the ASX upon successful closing of the IPO (GemLife Listing) on 3 July 2025.

Inderbethal Singh Thakral (Bethal), CEO and Executive Director of Thakral, said, “Co-founding GemLife has been a deeply fulfilling journey into the over-50s living sector.” Adrian Puljich, CEO, GemLife, added: “What began as a single community has evolved into a national portfolio of 32 projects, powered by our vertically integrated model and an unwavering commitment to quality and innovation.” “Our communities are designed to support active, connected lifestyles while offering a more cost-effective housing option for Australia's over-50s population, helping to address key challenges in housing accessibility,” Puljich said. PTI GS MR MR