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Herald Sun
03-07-2025
- Business
- Herald Sun
IPO Watch: GemLife kicks off with a $750m bang in biggest ASX IPO of the year
IPO market begins to show signs of life as ASIC cuts red tape GemLife hits ASX with $1.6b luxury retirement splash GLF tops Virgin with biggest Aussie float of 2025 For the last couple of years, the Australian IPO market has been on a sabbatical. But now, the country's regulators are rolling out the red carpet, or at least tugging at the red tape, to make the path to public life a little easier. In June, the Australian Securities and Investments Commission (ASIC) kicked off a trial to streamline the IPO process. The plan is to cut a week off the traditional 20-week timeline by reviewing offer documents earlier, and reducing the back-and-forth that tends to slow things down. It's only open to companies worth over $100 million, but the message is clear: Australia wants more listings, and it's willing to loosen its collar to get them. From trailer parks to luxury resorts Just days after Virgin Australia's (ASX:VGN) long-awaited return to the ASX, another float is taking centre stage, this time from the world of luxury over-50s living. On Thursday, GemLife Communities Group (ASX:GLF) officially made its debut on the ASX, becoming the latest major player to test investor appetite in a warming IPO market. The stock opened at $5, a 20% premium to its $4.16 offer price, before easing back to around $4.40 by 3pm, still delivering a solid first-day gain. Founded in 2016, GemLife has grown fast. What started as a joint venture between the Puljich family and Singapore-listed Thakral Corp is now a $1.6 billion business, with a portfolio of resort-style communities built for Australians aged 50 and over. In fact, the story stretches back even further. GemLife CEO Adrian Puljich is carrying on the legacy of his father, Peter Puljich, who arrived in Australia in 1968 from Croatia and later transformed a caravan park on the Gold Coast into a high-end retirement community. 'We are a founder‑led pioneer business,' Adrian Puljich told Bloomberg. 'What makes us so unique is the fact that we build our own product. 'Every single touch point in the life cycle of GemLife Communities is dealt with by the GemLife builder.' That vertical integration, from land acquisition to construction and community operations, is a big part of the group's pitch to investors. All the tailwinds behind it GemLife is at the luxury end of the land‑lease community sector. Residents buy their home (usually prefab‑style), lease the land it sits on, and pay weekly fees of $230–$250 for access to top‑tier amenities. This includes country clubs, cinemas, bowling alleys, pools, pickleball courts, you name it. With properties spread across Queensland, NSW, and Victoria – from Pimpama on the Gold Coast to Woodend in Victoria's Macedon Ranges – GemLife has grown into one of the country's largest operators in this space. The IPO will help fund the $270 million acquisition of eight new projects from a company wholly owned by Adrian Puljich, growing the pipeline to 32 communities and nearly 10,000 homes. It's a big swing, but one that's riding a wave of tailwinds. Australia's population is ageing, home prices are stubbornly high, and many older Australians are looking to downsize without downgrading. That makes land‑lease communities a clever halfway point. According to Colliers, the land‑lease sector is tipped to grow 5% to 7% annually over the next five years, helped by both demand and new developments. Biggest listing so far this year GemLife's float was structured as a stapled security, a common setup in Australia where two or more securities trade together. The IPO raised $750 million, edging out Virgin's $685 million float, and making GLF the largest ASX IPO so far this year. After listing, Adrian Puljich holds about 17.6%, Thakral Capital 16.7%, and Peter Puljich 8.8%. It's a hefty debut in what's been a subdued IPO market. According to the ASX, total Australian IPO proceeds this year were sitting below $150 million prior to Virgin and GemLife's listings. That puts GemLife in rarefied company, and alongside two listed peers in the over‑50s living space – Lifestyle Communities (ASX:LIC) valued at around $870 million, and Ingenia Communities Group (ASX:INA), sitting closer to $2.3 billion. 'Encouraging older Australians to downsize also contributes positively to the broader property market, opening much‑needed family‑sized housing for younger buyers,' said Puljich. Originally published as IPO Watch: GemLife kicks off with a $750m bang in biggest ASX IPO of the year
AU Financial Review
17-06-2025
- Business
- AU Financial Review
Overseas investors pile into ‘safe haven' GemLife's $750m IPO
Housing developer GemLife will use part of the proceeds of an oversubscribed $750 million initial public offering – which drew an equal mix of offshore and domestic institutions – to buy the 12-community portfolio of rival operator Aliria. Proceeds of the share sale gave GemLife, jointly owned by Queensland's Puljich family and Singapore-listed Thakral Capital, $270 million to acquire the Aliria communities and become the country's fourth-biggest player with 9836 home sites across 32 completions.
