In just nine years, 37-year-old Adrian Puljich marked a huge milestone – celebrating with his family, residents, staff, the new board, legal teams and The Weekly SOURCE as he launched his business on the Australian Stock Exchange.
"What a tremendous occasion, a moment for this business that started nine years ago when Thakral Capital backed the kid in myself to lead a business and evolve this product offering within a sector that has immense tailwinds and an insatiable demand from a downsizing cohort looking for lifestyle opportunities right around this country," said Adrian.
"It's a pleasure to welcome our home owners as well, who are here with us today. We acknowledge you and we thank you for your custom and for your belief in the product and for being ambassadors that you are. To our staff, thank you so much for believing in the product. Thank you so much for driving this business. This business is nothing without you. This today is all about you.
"The consultants that have driven the general business and provided us professional services through these years, we are grateful and thankful that you are here today. And for those watching as well. thank you so much for being a part of this journey.
"To our banks, I'd like to acknowledge both Commonwealth Bank, ANZ and the National Australia Bank for supporting this business, both from a family perspective and in this joint venture. These three senior banks pioneered the sector and they're committed to this sector. And again, we would be nothing without them. Through this process, through this long and arduous process, I'd like to thank Morgan Stanley, JP Morgan and also Highbury Partnership for delivering this outcome for us and for serving our interests throughout this process. I'd also like to thank the Weekly Source as well."
Post IPO, GemLife will have 32 land lease communities and projects in its pipeline, expected to comprise 9,836 sites across Queensland, New South Wales, Victoria and South Australia
Make no mistake – this was Adrian's day too. He has built a public company with an initial market capitalisation of $1.58 billion, after selling 180.3 million shares to raise $750 million in an oversubscribed offer last month.
The stock opened at $4.40 at midday, up 5.8%, and closed the day at $4.33, up 4.1% from its IPO price.