Owners Adrian Puljich (pictured), his father Peter and Singapore diversified company Thakral Corporation first opened talks on the possibilility of becoming a publicly listed business in April.
A prospectus for the float will be lodged with the Australian Securities and Investments Commission (ASIC) today, stating the listing had been finalised with a $750 million public offering with GemLife to list on 3 July with a $1.58 billion market valuation, the biggest this year.
GemLife will join Lifestyle Communities as the only pure play land lease community operators on the ASX and the first to list since Gateway Lifestyle in July 2015. Ingenia Communities, the major land lease communty operator, also operates rental communities and holiday parks.
The listing eclipses Bain Capital's $685 million IPO for Virgin Australia, the country’s second largest carrier, set for 24 June.
JPMorgan, Morgan Stanley, Morgans and Ord Minnett, who have been working on the transaction, have revealed that $725 million has been allocated to cornerstone investors after demand was in excess of $750 million. The remaining $25 million of the $750 million Initial Public Offering (IPO) was due to be sold into the institutional offer and already covered multiple times ahead of the 1.30pm AEST close last Thursday (12 June) when all shares were allocated.
Shares are being sold at $4.16 each, equating to 15 times its 2026 financial year forecast net profit of $104 million. Lifestyle Communities trades at 19.9-times forecast profit, while Ingenia Communities is 17.4-times.
Following the listing, Director and Chief Executive Officer Adrian Puljich will reduce his ownership from 33.4% to 17.6%. Peter Puljich’s stake will decrease from 16.7% to 8.8%, and Thakral Capital’s from 31.7% to 16.7%. Other existing investors will hold 9.6%, while new investors will take up 47.4% of the business.
GemLife was launched in November 2016 with its first land lease community aimed at Baby Boomers on Bribie Island, Moreton Bay, Queensland.
A presentation deck in front of fund managers pitches GemLife as the owner of 32 communities, making it Australia’s fourth-largest land lease community operator. The modelling shows the company is nudging 10,000 sites, putting it just behind Stockland’s Halcyon brand, Ingenia Communities and Sun Communities' joint venture, and US player Hometown’s local business.
Adrian Puljich's address to the 2025 LEADERS SUMMIT
About $400 million of the funds raised will be used to repay existing debt and subordinated notes while $270.3 million will be used to acquire Adrian’s new pocket park land lease communities business Aliria, which makes up 12 of GemLife’s 32 sites.
