dingoNZ
18-11-2014, 08:47 AM
A retirement village operator whose investors include All Blacks Dan Carter and Richie McCaw is looking to raise up to $80 million in a stock market listing.
Arvida Group, which has amalgamated 17 retirement villages and aged care facilities across the country, has registered a prospectus for an initial public offering and will list on the main board of the NZX on December 18.
A bookbuild will be used to determine the share price for the offer, which includes a priority pool of $5m for existing residents, staff and investors.
The IPO will leave existing investors, including directors and senior management, owning 60 per cent of the shares in Arvida.
About 54 per cent of Arvida's facilities are for aged care while a further 25 per cent are serviced apartments. It has about 1800 residents at its properties.
In its prospectus, Arvida is projecting a net profit after tax of $10.6m, and underlying profit of $13.2m, for its first full year of operations ended 31 March 2016.
It plans to pay quarterly dividends of between 60 per cent and 80 per cent of underlying profit per year.
The offer closes on December 15. The amalgamation and IPO is being managed by Forsyth Barr.
Other retirement village operators listed on the NZX include Ryman Healthcare, Metlifecare and Summerset.
The sector has enjoyed rapid growth in the past few years due to New Zealand's aging population.
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Looks like this is the IPO previously rumored to be listed as Hercules earlier in the year, anyone plan on participating?
Arvida Group, which has amalgamated 17 retirement villages and aged care facilities across the country, has registered a prospectus for an initial public offering and will list on the main board of the NZX on December 18.
A bookbuild will be used to determine the share price for the offer, which includes a priority pool of $5m for existing residents, staff and investors.
The IPO will leave existing investors, including directors and senior management, owning 60 per cent of the shares in Arvida.
About 54 per cent of Arvida's facilities are for aged care while a further 25 per cent are serviced apartments. It has about 1800 residents at its properties.
In its prospectus, Arvida is projecting a net profit after tax of $10.6m, and underlying profit of $13.2m, for its first full year of operations ended 31 March 2016.
It plans to pay quarterly dividends of between 60 per cent and 80 per cent of underlying profit per year.
The offer closes on December 15. The amalgamation and IPO is being managed by Forsyth Barr.
Other retirement village operators listed on the NZX include Ryman Healthcare, Metlifecare and Summerset.
The sector has enjoyed rapid growth in the past few years due to New Zealand's aging population.
------------------------------------------
Looks like this is the IPO previously rumored to be listed as Hercules earlier in the year, anyone plan on participating?