ASX-listed land lease operator GemLife now has 32 communities and projects in its pipeline, with plans to deliver 9,836 sites across Queensland, New South Wales, Victoria and South Australia.
GemLife debuted on the ASX last Thursday, marking a major milestone for the company. Founded in 2015 as a joint venture between Adrian Puljich and Singapore-listed Thakral Corporation, the business has grown into a $1.6 billion operation.
Shares opened at $5, a 20% premium to the $4.16 offer price, before settling to around $4.40 by mid-afternoon – still representing a strong first-day gain.
GemLife CEO Adrian Puljich's disruptor address to LEADERS SUMMIT in March
Chair Kristie Brown said the listing was a proud moment for the business and a vote of confidence in its strategy and leadership.
“Listing on the ASX is a proud moment for the company and our staff. We are deeply grateful for the overwhelming support and trust shown by new and existing investors throughout this process. With our IPO now complete and the Aliria acquisition underway, we have the scale, strategy, and leadership to capture the compelling growth opportunities ahead, delivering value for shareholders and high-quality living for our residents," she said.
“As we keep building GemLife, we will continue to focus on driving long-term growth and value creation for our shareholders. GemLife’s strong performance is underpinned by an experienced leadership team, led by CEO Adrian Puljich, and supported by dedicated professionals with deep expertise in the LLC sector.”
GemLife’s pipeline, if fully realised, would make it the fourth largest operator of land lease communities in Australia, behind Hometown Australia, Stockland Halcyon and Ingenia Communities' Ingenia Lifestyle.
GemLife’s capital raising and listing was supported by Highbury Partnership as sole financial adviser. JP Morgan and Morgan Stanley acted as Joint Lead Managers, Bookrunners and Underwriters, while Herbert Smith Freehills Kramer served as legal adviser.
