Business

Retirement firm Summerset to list on NZX

07:53 am on 29 September 2011

Retirement village operator Summerset plans to list on the stock exchange in November.

The company says it intends to launch an initial public offering next month and will seek to raise up to $136 million, based on a share price of between $1.40 $1.60.

That would give Summerset, as a listed company, a market capitalisation of $301 - $336 million.

Chairman Rob Campbell says the turmoil on financial markets has not dissuaded Summerset from listing, as the company believes its business is strong and can perform well despite downturns.

Mr Campbell said the company's target market, the population of people aged 75 years and over, is expected to almost double in the next two decades.