28 Oct 2011

Summerset reaches IPO target

5:16 am on 28 October 2011

Retirement village operator Summerset says its initial public offering has closed fully subscribed, raising nearly $124 million.

The IPO is the largest in New Zealand for more than two years.

The company will list with a market capitalisation of $300 million.

Funds controlled by Quadrant Private Equity of Australia will continue to hold a 56% stake in the company.