GemLife Raises $486 Million in Australia’s Biggest IPO This Year

GemLife raised A$750 million ($486 million) in its initial public offering, which edged out air carrier Virgin Australia’s deal as the country’s biggest listing this year.

The company, known for resorts catered to people aged 50 and above, sold 380.3 million shares at A$4.16 each, valuing the firm at A$1.6 billion, according to terms of the deal seen by Bloomberg. GemLife, which is expected to list in Sydney on July 8, stopped taking investor orders on Thursday.

GemLife and Virgin’s deals — the two biggest Australian IPOs this year — signal a potential recovery in the country’s market for ...