Thakral says that it intends to subscribe to additional stapled securities via the IPO, leading to a cumulative 16.8% stake post-listing. These will be at a price of A$4.16 per stapled securities, for an additional 600,962 securities.
After the IPO, Thakral’s pro forma net asset value (NAV) is expected to rise 67% to $2.15 and its FY2024 pro forma EPS will increase to $1.08.
The GemLife listing will result in key financial reporting changes for Thakral, where it will cease to be an associate and instead be accounted for as an investment at fair value through profit or loss in Thakral’s financial statements.
On a pro forma basis, total assets are expected to increase by 42% to $512.1 million, primarily reflecting the pro forma increase in net assets arising from the recognition of the fair value gain upon reclassification of the investment in GemLife to fair value through profit or loss.
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With the repayment of receivables from GemLife, pro forma net borrowings (i.e., total borrowings net of cash) are expected to decline approximately 56% to $22.3 million.
This will result in a pro forma gearing ratio of 0.23 after GemLife successfully lists, compared to 0.39 as of Dec 31, 2024.
Shares in Thakral closed 3 cents lower or 2.041% down at $1.44 on June 17.
