Thakral associate GemLife inks underwriting agreement for Australian IPO launching ‘very shortly’
The company holds an effective interest of 31.7 per cent in GemLife, a lifestyle resorts business in Australia
[SINGAPORE] Mainboard-listed Thakral Corp’s associate GemLife has signed an underwriting agreement for its proposed initial public offering (IPO) on the Australian Securities Exchange (ASX).
The proposed IPO is expected to launch “very shortly”, said Thakral in a bourse filing on Friday (Jun 13). JP Morgan Securities Australia and Morgan Stanley will act as joint lead managers and underwriters for the planned IPO.
The proposed IPO will involve an offer of stapled securities comprising one share in GemLife Group, and one or more fully paid units in the registered schemes by the holding company and the responsible entity of the registered schemes, respectively.
A prospectus and product disclosure statement will be made available to eligible investors when the offer is made, said Thakral Corp.
Thakral Corp holds an effective interest of 31.7 per cent in GemLife, a lifestyle resorts business in Australia, through Thakral Capital.
Earlier in April, GemLife said it was considering its strategic options, which could include a potential IPO. It is said to be the country’s largest privately owned land lease developer, owner and operator, with nearly 10,000 homes in more than 30 communities.
Shares of Thakral closed at S$1.48 on Friday, down 0.7 per cent or S$0.01, before the news.
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