Purple targets N10b for real estate expansion from IPO
PURPLE Real Estate Income Plc, a breakthrough real estate investment platform, has announced the commencement of its initial public offer, which opened yesterday.
According to the firm, the group is offering up to two billion new ordinary shares of the company via a public offer for sale at N5 per share and it will be opened for 25 working days, closing at midnight on 23 December 2022.
Purple intends to use the proceeds from the offer to expand the group's existing portfolio by diversifying its new lines of business and geographies to create more inclusive homeownership opportunities for Nigerians across the country.
Indeed, this is the platform's first offering available to all investors and following completion, Purple shares will be listed on the main market of the Nigerian Exchange ( NGX).
Commenting on the Offer launch, Chief Executive Officer, Purple, Laide Agboola, said: "Today is a significant step for the evolution of Nigeria's real estate sector. By opening up participation in the real estate market to a new wave of Nigerian investors, Purple is delivering on our mission to democratise access to real estate in Nigeria.
“Additionally, by delivering on an expanded pipeline of new projects in a range of asset classes, we are providing new investment opportunities focused on stabilised, income- generating properties that respond to the fundamental changes to how communities in Nigeria want to work, consume and live”.
The country's real estate sector offers many prospects, particularly for consumers increasingly demanding all- inclusive living, blending highquality lifestyle offerings with residential and commercial assets.
Purple is an integrated business delivering a new generation of real estate, property and lifestyle services to households and companies in Nigeria. Continuing this mission with Purplelekki, the new construction will nurture tech- empowered communities and offer best- inclass entertainment, retail and hospitality with its experiential offering Purpleplay.
Leveraging proptech, Purple created a unique ecosystem of interconnected products offline and in the cloud, with the primary objective of building productive atmospheres that enable social and economic mobility. Citadines, Purple's new serviced apartment offering for occupiers, is part of a forward plan to build on its strong foundation to bring state- of- the- art homes, working infrastructure and purposebuilt student accommodation to prime locations where there is an unmet need.