Investors are being asked to pay $1.40 per share for a stake in the country's third biggest retirement village operator, Summerset Group.
The price of its initial public offering, which opens on Monday, has been set at the lower end of the range and will raise nearly $124 million, giving Summerset Group a market capitalisation of $300 million.
Australia's Quadrant Private Equity, which owns 97% of Summerset, plans to sell 30% of its shareholding but retain a majority stake.
Summerset owns more than 1300 retirement village units and 323 care beds in 13 villages around the country.
It is building a new village in Hamilton and has land for another three new villages.
Summerset is forecasting net operating cashflows of $60 million and total investment properties worth $630 million for the financial year ending 31 December 2012.
The company plans to list on the NZX at the beginning of November and the proceeds from the float will be used to fund growth.