Ryman Healthcare, New Zealand’s largest healthcare provider and retirement village operator, is set to be dual-listed on the Australian Securities Exchange (ASX) on 1 October.
With a market capitalisation of A$2.1bn (€1.17bn), Ryman will become Australia’s largest aged care provider on the ASX, sitting alongside Regis Healthcare, which has a similar market cap.
Ryman Healthcare said: “The company’s primary listing will remain on the New Zealand Stock Exchange, with the ASX Foreign Exempt Listing providing streamlined compliance for Ryman while broadening access to Australian and international investors.”
Founded in 1984, Ryman currently owns and operates 44 retirement villages in its home market of New Zealand, serving over 15,000 residents. The company expanded its footprint into Australia in 2014, where it now has nine operational villages.
The company said the ASX listing was designed to broaden Ryman’s investor base and take advantage of Australia’s Aged Care Act reforms, which aim to provide improved access to aged care. The new regulations are due to come into force on 1 November.
Naomi James, Ryman Healthcare CEO, said: “We strongly support the reform in Australia that enables flexible funding models and the means-tested co-contribution model for both residential aged care and the support at home programme.
“We believe these changes demonstrate how reform can improve the delivery of aged care, making it more equitable for ageing citizens and more sustainable for providers.”
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