Thakral-backed GemLife posts strong 4.1% gain in ASX debut

The company’s first day trading volume stood at 9.12 million.

Thakral Corporation’s Australian investee company GemLife has debuted on the Australian Stock Exchange (ASX) with its debut price increasing 4.1% to $3.62 (AUD4.33) on the first day of trading.

The company’s first day trading volume stood at 9.12 million, with a market capitalisation of A$1.65b.

GemLife, in which Thakral owns a 31.7% effective interest, raised $627.8m (AUD750m) in its Initial Public Offering (IPO), Australia’s biggest listing this year.

GemLife says that it plans to deploy proceeds from the IPO to support its ongoing growth, including the acquisition of the Aliria Group portfolio, which will increase its pipeline from about 6,500 homes to 9,836 homes.

The funds will also be utilised towards reducing debt, strengthening the balance sheet, and as additional working capital.

Thakral subscribed an additional 600,962 GemLife Stapled Securities at the IPO price, resulting in an effective interest of 16.8% post-dilution.

($1=AUD1.19)

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