Kayode Tokede
Purple Real Estate Income Plc has announced a N10 billion equity offer representing an initial public offer (IPO) of 2 billion ordinary shares at N5 per share.
In a statement, the company said the offer which is available for subscription from today will be listed on the Nigeria Exchange Limited (NGX) under a new ticket symbol to be advised.
The statement added that the offer will be available during the Validity Period which runs from 21 November 2022 to 23 December 2022.
“Under the offer, new ordinary shares will be sold via an Initial Public Offer (IPO); as approved by the Securities and Exchange Commission (SEC). The net proceeds of the Offer will be disbursed to the Company for the purpose of debt refinancing, development of Lekki Retailtainment, cost of Issue refinancing and to meet working capital needs whilst positioning Purple for the acquisition of income-producing real estate such as Mansard Place amongst others. This is the platform’s first offering available to all investors and following completion, Purple shares will be listed on the main market of the Nigerian Exchange (NGX), the regulated market managed by Nigerian Exchange Group, “the statement read.
Incorporated in 2014, Purple developed its flagship asset, PurpleMaryland (formerly known as the Maryland Mall), a market-shaping asset which opened its doors to customers in 2016 – introducing the largest outdoor LED screen in West Africa. Purple has five directly controlled subsidiaries: Maryland Mall Limited, Purple Proptech Limited, Lekki Retailtainment Limited, Cible Media Limited, and Purple Asset Managers Limited, with full ownership of all subsidiaries. In March 2022, by virtue of a Scheme of Merger, Purple merged with its subsidiary, PREDCO. Backed by prominent investors, Purple has recorded significant growth with current total assets in excess of N26.4 billion in FY2021.
“From today the group is offering up to 2 billion new ordinary shares of the company via a public offer for sale. Purple intends to use the proceeds from the Offer to expand the group’s existing portfolio by diversifying its new lines of business and geographies to create more inclusive homeownership opportunities for Nigerians across the country. The country’s real estate sector offers many prospects, particularly for consumers increasingly demanding all-inclusive living, blending high-quality lifestyle offerings with residential and commercial assets, “it added
Commenting on the offer launch, Chief Executive Officer, Purple, Laide Agboola,said: “Today is a significant step for the evolution of Nigeria’s real estate sector. By opening up participation in the real estate market to a new wave of Nigerian investors, Purple is delivering on our mission to democratise access to real estate in Nigeria. Additionally, by delivering on an expanded pipeline of new projects in a range of asset classes, we are providing new investment opportunities focused on stabilised, income-generating properties that respond to the fundamental changes to how communities in Nigeria want to work, consume and live.
