By Emegwoako C. Paschal
Purple Real Estate Income Plc has announced a N10 billion equity offer, which includes a N5 per share initial public offering (IPO) of 2 billion ordinary shares.
The company said in a statement that the offer, which is available for subscription starting today, will be listed on the Nigeria Exchange Limited (NGX) under a new ticket symbol to be announced.
The offer will be available during the Validity Period, which runs from 21 November 2022 to 23 December 2022, according to the statement.
Purple was founded in 2014, and its flagship asset, PurpleMaryland (formerly known as the Maryland Mall), is a market-shaping asset that opened its doors to customers in 2016 – introducing the largest outdoor LED screen in West Africa.
Purple has full ownership of all subsidiaries and has five directly controlled subsidiaries: Maryland Mall Limited, Purple Proptech Limited, Lekki Retailtainment Limited, Cible Media Limited, and Purple Asset Managers Limited. Purple merged with its subsidiary, PREDCO, in March 2022 as part of a Scheme of Merger. Purple, which is backed by prominent investors, has seen significant growth, with current total assets exceeding N26.4 billion in FY2021.
Laide Agboola, Chief Executive Officer of Purple, said of the offer’s launch, “Today is a significant step for the evolution of Nigeria’s real estate sector.” Purple is delivering on our mission to democratize access to real estate in Nigeria by allowing a new wave of Nigerian investors to participate in the real estate market.
Furthermore, by delivering on an expanded pipeline of new projects across a variety of asset classes, we are providing new investment opportunities focused on stabilized, income-generating properties that respond to fundamental changes in how Nigerian communities want to work, consume, and live.
