MON. 05 DEC, 2022-theGBJournal| Purple Real Estate Income PLC (PREIP), Initial Public Offering (IPO) of 2 billion Ordinary Shares of 50 kobo each at N5 per share which was lauuched recently, is attracting favourable response from investors, analysts told theG&BJournal over the weekend.
The IPO opened on Novermber 21, 2022 and will close on December 23, 2022 following which it will become listed on NGX Exchange. The application, according to PREIP, ”must be for a minimum of 4, 000 ordinary shares and multiples of 1,000 shares thereafter.”
Laide Agboola, Chief Executive Officer PREIP, had described the IPO as a ”significant step for the evolution of Nigeria’s real estate sector.”
The Issuing Houses are Emerging Africa Capital Advisory, Kairos Capital, Lead Capital, Mainstreet Capital and PAC Capital.
PREIP is a tech-enabled real estate business that commenced operations in 2014 and is responsible for the development of Purple Maryland (Previously Maryland Mall) amongst other real estate projects.
Taking learnings from its flagship asset, Purple is expanding its real estate footprint by delivering similar investment-grade assets including Purple Lekki, an all-inclusive building currently being developed.
The Company is on the path to becoming the first approved Real Estate Investment Company (REICO) in Nigeria beginning with this IPO.
The REICO system will allow the company consistently raise capital for the acquisition and development of assets.
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