The Queensland land lease operator has informed the Australian Securities Exchange (ASX) of its substantial shareholders after becoming Australia’s largest IPO of 2025.
GemLife listed on the ASX on 3 July, raising $750 million in capital. The business was established in 2015 as a joint venture between the Puljich family and the Thakral family, and after its oversubscribed IPO, has 32 land lease communities and projects in its pipeline, with plans to deliver 9,836 sites across Queensland, New South Wales, Victoria and South Australia.
The major shareholders are:
- Adrian Puljich, GemLife Managing Director and CEO, 100,680,769 shares, 26.47% voting power,
- Peter Puljich, founder and Adrian's father, 100,680,770 shares, 26.47% voting power,
- Thakral Family, founding investor, 64,325,482 shares, 16.91% voting power.
Puljich’s parents, Croatian migrants Peter and late wife Zdravka, were pioneers of over 50s land leasing, which is attractive to rightsizers who sell their family home and are often aided by government rental assistance to pay the weekly service fee. Chadwick Property Valuers last year valued the market at $13.5 billion.
GemLife priced shares at $4.16 each. They opened at on the ASX at $4.40 with more than 9 million shares trading on the first day. The stock closed at $4.05 last Friday.