Thakral to Unlock Significant Shareholder Value from GemLife's AUD750 Million IPO on ASX
Summary:
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GemLife Communities Group, in which Thakral holds a 31.7% effective interest, has launched an IPO on the Australian Securities Exchange (ASX) to raise up to AUD750 million, fully underwritten by J.P. Morgan and Morgan Stanley.
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Upon successful listing, Thakral’s pro forma net asset value per share is projected to increase 67% to S$2.15, and EPS to rise nearly 5 times to S$1.08.
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Thakral will subscribe to 600,962 additional stapled securities, bringing its total holding to 64 million units, but effective interest will reduce to 16.8% post-IPO due to dilution.
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The IPO will trigger a change in accounting treatment for Thakral's investment in GemLife—from equity accounting to fair value through profit or loss, resulting in a one-off gain.
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On a pro forma basis, Thakral’s total assets are expected to rise 42% to S$512 million, while net borrowings will decline 56% and gearing will improve from 0.39 to 0.23.
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The listing positions Thakral to benefit from GemLife’s long-term growth in the over-50s housing sector and unlocks new strategic and investment flexibility for the Group.
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Thakral’s CEO praised the IPO milestone as a reflection of GemLife’s success and Thakral’s founding vision, while GemLife’s CEO emphasized its commitment to housing accessibility and active living.