GemLife's shares jump on ASX debut after Australia's biggest IPO of 2025 (updated)

GemLife Communities

03/07/2025 03:26

Adds details, closing share price in paragraph 1 and Australian IPO market context in paragraphs 8-9

By Scott Murdoch

SYDNEY, July 3 (Reuters) - Shares of GemLife Communities Group GLF.AX closed 4.1% higher on Thursday, after the Australian retirement resort operator debuted on the Australian Securities Exchange following a A$750 million ($493.1 million) initial public offering.

GemLife's stock climbed as much as 7.5% to A$4.47 during its debut session, before easing in the afternoon.

The company sold 380.3 million stapled securities at A$4.16 each, giving it a valuation of A$1.58 billion, according to a term sheet seen by Reuters.

The deal marks the largest IPO in Australia so far in 2025, topping the recent A$685 million transaction from Virgin Australia VGN.AX, the country's second-largest airline.

Virgin shares have been trading about 4% above their A$2.90 issue price since the debut on June 24.

GemLife operates 14 retirement communities along Australia's east coast, according to its website.

It recorded A$266.3 million in revenue and an A$81.7 million underlying net profit in the past financial year, its prospectus showed.

Initial public offerings in Australia totalled $795 million in the first half of 2025, according to LSEG data, an increase of nearly 150% year-on-year.

Australia's sluggish IPO market in recent years has prompted regulators to introduce new rules aimed at fast-tracking the filing process in an effort to revive listing activity.

     ($1 = 1.5209 Australian dollars)

 (Reporting by Scott Murdoch and Himanshi Akhand; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)

 ((Scott.Murdoch@thomsonreuters.com;))