| There is fresh buzz surrounding Thakral Corporation -- it involves the potential initial public offering (IPO) of GemLife, its over-50s lifestyle resorts business in Australia. Thakral (market cap: S$102 million, stock price: 80 cents) holds a significant 31.7% effective interest. This development follows earlier reports in Feb 2025 concerning a possible IPO of Beauty Tech Group in the UK, another investee company of Thakral, highlighting an exciting period for the Singapore-listed firm and its shareholders. |
| GemLife Potential IPO |
According to a clarification announcement issued by Thakral on 7 April 2025, in response to an article in The Australian Financial Review, GemLife is indeed "currently considering its strategic options, which may include the consideration of a possible initial public offering".
The announcement also notes that GemLife intends to conduct introductory meetings with investors regarding this potential IPO.
GemLife builds homes in resorts for people over 50 years old -- retirement homes, if you like. GemLife retains ownership of the land and facilities, and manages the resorts.
However, the Thakral board stated that "there is no certainty or assurance that GemLife will proceed with any transaction".
Furthermore, the strategic review of GemLife's options is being managed independently of Thakral, with Thakral's involvement limited to its representative board member through Thakral Capital Holdings.
Thakral holds a 31.7% effective interest in GemLife, which operates over-50s lifestyle resorts in Australia.
| Beauty Tech Group Potential IPO |
Prior to this news, reports had circulated two months ago regarding a potential IPO of Beauty Tech Group, in which Thakral holds a 9.4% stake.
These reports, primarily led by Sky News, indicated that Beauty Tech Group was exploring its "strategic options," which could include a stock market listing in London with a rumoured valuation of £350 million (around S$590.7 million). 
CurrentBody is a key brand of the Beauty Tech Group. Its masks which comprise red LED lights are purchased for skin health. Beauty Tech Group owns popular beauty brands such as CurrentBody Skin, Ziip Beauty, and Tria Laser.
Their LED masks are reportedly popular among celebrities like Kim Kardashian and Serena Williams.
Investment bank Berenberg was mentioned as being engaged to oversee the potential IPO process, although details like the size of the share sale remain unconfirmed.
Other news outlets like City AM, Fashion Network, and The Business Desk also echoed these reports, emphasizing Beauty Tech Group's recent financial growth, having surpassed £100 million in revenue in 2024, and its focus on its own-brand products.
Thakral has issued a statement that it can’t confirm or comment on the valuation or the IPO news just yet.
| Potential Benefits for Thakral Shareholders |
The potential IPOs of GemLife and Beauty Tech Group present several possible benefits for Thakral shareholders:
Increased Investment Value: A successful IPO of either or both entities could significantly increase the value of Thakral's investment in these companies.
In the case of Beauty Tech Group, if the rumoured valuation of £350 million is realised, Thakral’s 9.4% stake could potentially jump from its current carrying value of S$9.4 million to S$55.6 million, or roughly 44 Singapore cents per Thakral share.
This can be compared to Thakral's market cap of S$102 million with a stock price of 80 cents currently.
While no specific valuation has been mentioned publicly for GemLife's potential IPO, a successful listing of this significant portion of Thakral's portfolio would result in a substantial uplift in the carrying value of its assets.
Opportunity for Capital Redeployment: The IPOs could provide Thakral with an opportunity to realise some of its investment in cash.
The proceeds from such a sale could then be reinvested into Thakral's other businesses such as Beauty and Fragrance (focused on Greater China), and Drone Distribution (South Asia).
Yet another area for capital injection is real estate development in India where Thakral recently acquired a stake in what could possibly be a hospital/residential/commercial development.
Potential Increase in Share Price: If and when confirmed, the potential IPOs could lead to increased investor interest in Thakral's stock, potentially driving up its share price.
| Cautionary Note: These potential IPOs are subject to market conditions, investor appetite, and the successful completion of the listing processes. The current market turmoil arising from Trump's tariffs obviously has a dampening effect on near-term investor sentiment. |
See also: THAKRAL: Singapore-Listco Expands Footprint in Australia, Japan and India, Profit Reaches $29 M
