Shares (or Equities)
Summerset Group Holdings Limited - IPO
Summerset Group Holdings Limited launched its Initial Public Offering of shares on 28 September 2011.
Summerset is a provider of retirement living in New Zealand. Summerset's philosophy is to build , own and operate retirement villages that provide retirement living for New Zealand's mature population and a continuum of care services. Summerset is currently the third largest retirement village operator in New Zealand, and was recognised in 2010 as the 'Best Retirement Village Operator' in Australasian Over 50's Housing Awards.
The company is raising $50m of new capital and current shareholders are also selling between $72.5m and $86.0m (~30% of pre-IPO shares on issue) of their current share holding as part of the offer. The indicative price range is $1.40 to $1.60 per share, with the price to be set via a book build process on 6 & 7 October. The offer closes on 26 October.
Click here to view the Summerset Holdings Limited Investment Statement and Prospectus relating to the offer, which should be read fully before you consider taking up the offer. Please note that under the new process for registering prospectuses, the offer does not open until 10 October 2011, and accordingly the current offer document does not contain application forms.
Click here for a report prepared by First New Zealand Capital's research analyst John Norling which summarises key aspects of Summerset's business and its share offering.