IPO as the first step in democratising access to real estate ownership
Purple Real Estate Income PLC ("PREIP" or "Purple"), Nigeria's breakthrough real estate investment platform, announces its Initial Public Offer opens today (21 November 2022). The Offer will be open for 25 working days, closing at midnight on 23 December 2022. 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), the regulated market managed by Nigerian Exchange Group.
Incorporated in 2014, Purple developed its flagship asset, PurpleMaryland (formerly known as the Maryland Mall), a market-shaping asset which opened its doors to customers in 2016 - introducing the largest outdoor LED screen in West Africa. Purple has five directly controlled subsidiaries: Maryland Mall Limited, Purple Proptech Limited, Lekki Retailtainment Limited, Cible Media Limited, and Purple Asset Managers Limited, with full ownership of all subsidiaries. In March 2022, by virtue of a Scheme of Merger, Purple merged with its subsidiary, PREDCO. Backed by prominent investors, Purple has recorded significant growth with current total assets in excess of ₦26.4 billion in FY2021.
From today the group is offering up to 2 billion new ordinary shares of the company via a public offer for sale. 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.
The country's real estate sector offers many prospects, particularly for consumers increasingly demanding all-inclusive living, blending high-quality 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-in-class entertainment, retail and hospitality with its experiential offering PurplePlay. Leveraging proptech, Purple creates 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 purpose-built student accommodation to prime locations where there is an unmet need.
Commenting on the Offer launch, Laide Agboola, Chief Executive Officer, Purple, 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.
In line with Purple's ambition to provide retail investors with technology-enabled access to real estate as an asset class, we have made available the initial public Offer online - while also making it available through our network of issuing houses and banks. We want every Nigerian to have the opportunity to participate as Nigeria's real estate sector evolves."
Offer details
The Offer will be conducted through:
- Listing: The New Ordinary Shares will be listed on NGX under a new ticket symbol to be advised.
- Offer Size: ₦10 billion Equity Offer representing an IPO of 2,000,000,000 Ordinary Shares at N5 per share.
- Availability: The Offer will be available during the Validity Period which runs from 21 November 2022 to 23 December 2022.
- Method of Issue: Under the Offer, New Ordinary Shares will be sold via an Initial Public Offer (IPO); as approved by the SEC.
- Use of Proceeds: The net proceeds of the Offer will be disbursed to the Company for the purpose of debt refinancing, development of Lekki Retailtainment, cost of Issue refinancing and to meet working capital needs whilst positioning Purple for the acquisition of income-producing real estate such as Mansard Place amongst others.
The Process
The Offer will be open from midnight on 21 November. The Offer will close at midnight on 23 December. Interested investors can find full details of how to place orders and subscribe for shares as well as answers to a wide range of questions here
Applying for Shares
Interested investors should use the approved channels listed below to place orders and subscribe for shares. You can find full detailed information at here or consult with your stockbroker or banker for further guidance.
- Investor proposition and all documents can be gotten from here
- Investors can apply via the app platform:
- Receiving Agents: To submit an application for shares through the receiving agents - issuing houses and stockbrokers and banks, investors will need to:
- Complete an application form;
- Submit the completed application form and evidence of payment to a Receiving Agent;
- For Banks, an application can be completed at the bank branches nationwide and payments processed at the same bank branch. Stanbic IBTC Bank Plc and First Bank of Nigeria Plc are receiving banks to the Offer.
A Bank Verification Number (BVN) is required to register and investors will need to have a CSCS account number to complete the transaction. If you do not have a CSCS account, your stockbroker can assist in setting one up for you, before completing your application. A CSCS account can also be created for you as part of the application process.
Issuing houses, stockbrokers, registrars and receiving banks
Transaction advisors who can assist with your application are as follows:
- Lead Issuing House: Emerging Africa Group
- Joint Stockbrokers to the Offer: CardinalStone Securities Limited, FBNQuest Securities Limited, and Stanbic IBTC Stockbrokers Limited
- Registrars: CardinalStone Registrars Limited
- Receiving Banks: FirstBank, Jaiz Bank, and Stanbic IBTC Bank
Receiving Agents
A full directory of receiving agents registered and authorised by the Securities & Exchange Commission to receive your applications are as follows:
Banks
Access Bank PLC | First Bank of Nigeria Limited | Nova Merchant Bank | Sterling Bank PLC |
Citibank Nigeria Limited | First City Monument Bank Limited | Polaris Bank Limited Providus Bank PLC | Suntrust Bank PLC |
Coronation Merchant Bank Limited | FSDH Merchant Bank Limited | Rand Merchant Bank Nigeria Limited | Union Bank of Nigeria PLC United Bank for Africa PLC Unity Bank PLC |
Ecobank Nigeria PLC FBNQuest Merchant Bank Limited | Guaranty Trust Bank PLC | Stanbic IBTC Bank PLC Standard Chartered Bank Nigeria Limited | Wema Bank PLC |
Fidelity Bank PLC | Heritage Bank PLC | Zenith Bank PLC | |
Jaiz Bank PLC | |||
Keystone Bank Limited |
Stockbrokers and others
Absa Securities Nigeria Limited | EFG Hermes Nigeria Limited | Lambeth Capital | RMB Nigeria Stockbrokers Limited |
Afrinvest Securities Limited | El-Elyon Alliance & Securities Limited | Lead Securities & Investment Limited | Rostrum Investment |
Anchoria Investment and Securities Limited | Elixir Securities Limited Enterprise Stockbrokers Limited | Lighthouse Capital Limited | Rowet Capital Management Limited |
Apel Asset Limited | Equity Capital Solutions Limited | Magnartis Finance & Inv. Limited | Royal Crest Finance Limited |
APT Securities & Funds Limited | Eurocomm Securities Limited | Marimpex Finance & Inv. Co. Limited | Royal Guaranty & Trust Limited |
ARM Securities Limited | Express Portfolio Services Limited | Maxifund Investment & Securities PLC | Sankore Securities Limited |
Arthur Stevens Asset Management Limited Associated Asset Managers Limited | Falcon Securities Limited | MBC Securities Limited | Santrust Securities Limited Securities & Capital Mgt. Co. Limited Securities |
Atlass Portfolio Limited | FBC Trust & Securities Limited | Mega Equities Limited Meristem Stockbrokers Limited | Africa Financial Limited |
Ava Securities Limited | FBNQuest Securities Limited | Mission Securities Limited | Security Swap Limited |
Bancorp Securities Limited | FCSL Asset Management Co. Limited Financial Trust Company Nig. Limited | Molten Trust Limited | Shalom Inv. & Securities Limited |
Bauchi Investment Corp. Securities Limited | Finmal Finance Services Limited | Morgan Capital Securities Limited Mountain Investment & Securities Limited | Shelong Investment Limited |
Belfry Investment & Securities Limited Bestworth Assets & Trust Limited | First Integrated Capital Mgt. Limited | Network Capital Limited Networth Securities & Finance Limited | Sigma Securities Limited |
Calyx Securities Limited | FIS Securities Limited | Newdevco Investment & Securities Limited | Signet Investment & Securities Limited |
Camry Securities Limited Capital Assets Limited | Foresight Securities & Inv. Ltd | Nigerian International Securities Limited | Skyview Capital Limited SMADAC Securities Limited |
Capital Express Securities Limited | Forthright Securities & Inv. Limited | Nigerian Stockbrokers Limited | Solid-Rock Securities & Investment PLC |
Capital Trust Brokers Limited | Fortress Capital Limited | Norrenberger Securities Limited | Spring Board Trust & Inv. Limited |
CardinalStone Securities Limited | FSDH Capital Limited FSL Securities Limited Funds Matrix & Asset Mgt. Limited | Novambl Securities Limited | Spring Trust & Securities Limited |
Cashville Investments & Securities Limited | Fundvine Capital & Securities Limited | Osbourne Capital Markets Limited | Stanbic IBTC Capital Limited |
CDL Capital Markets Limited | Futureview Securities Limited | PAC Securities Limited | Stanbic IBTC Stockbrokers Limited |
Centre Point Investment Limited | GDL Stockbrokers Limited | Parthian Securities Limited | Standard Union Securities Limited |
Century Securities Limited | Gem Assets Management Limited | Peace Capital Markets Limited | StoneX Financial Nigeria Limited |
Chapel Hill Denham Securities Limited | Gidauniya Invest & Sec Limited | Pilot Securities Limited Pinefields Investment Service Limited | The Bridge Securities Limited |
Chapel Hill Denham Advisory Limited | Global Asset Mgt. (Nig) Limited | PIPC Securities Limited | Tiddo Securities Limited |
Chartwell Securities Limited | Globalview Capital Limited Golden Securities Limited Greenwich Securities Limited | Pivot Capital Limited Planet Capital Limited | Tomil Trust Limited |
Citi Investment Capital Limited | Gruene Capital Limited | Portfolio Advisers Limited | Topmost Securities Limited |
City Code Trust & Invest Company Limited | GTI Securities Limited | Premium Capital and Stockbrokers Limited Primewealth Capital Limited | Tower Securities & Inv. Co. Limited |
Compass Investments & Securities Limited | Harmony Inv. & Securities Limited | Prominent Securities Limited | Trade Link Securities Limited |
Cordros Securities Limited | Heartbeat Investments Limited | PSI Securities Limited | Traders Trust & Inv. Co. Limited |
Core Securities Limited Coronation Securities Limited | Hedge Securities & Investment Limited | Purple Asset Managers Limited | Transworld Inv. & Securities Limited |
Cowry Securities Limited Crossworld Securities Limited | Heritage Capital Markets Limited | Pyramid Securities Limited | Trust Yields Securities Limited |
Crown Capital Limited CSL Stockbrokers Limited | ICMG Securities Limited | Qualinvest Capital Limited | Trustbanc Capital Mgt. Limited |
Deep Trust & Investment Limited | Icon Stockbrokers Limited | Quantum Zenith Securities & Inv. Limited Rainbow Securities Limited | Trusthouse Investment Limited |
De-Lords Securities Limited Dominion Trust Limited | Imperial Assets Managers Limited Integrated Trust & Investments Limited | Rand Merchant Bank Nigeria Limited | TRW Stockbrokers Limited |
DSU Brokerage Services Limited | Interstate Securities Limited | Readings Investment Limited | Tyndale Securities Limited |
Dunbell Securities Limited | Investment One Stockbrokers Int’l Ltd | Regency Assets Management Limited | UCML Capital Markets Limited |
Dunn Loren Merrifield Securities Limited | Investors & Trust Company Limited | Renaissance Securities (Nigeria) Limited | UIDC Securities Limited |
Dynamic Portfolio Limited | Kapital Care Trust & Securities Limited | Rencap Securities (Nig) Limited | UNEX Capital Limited |
EDC Securities Limited | Kedari Capital Limited | Resort Securities Limited | United Capital Securities Limited |
Edgefield Capital Management Limited | Kinley Securities Limited | Reward Investment & Service Limited | Valmon Securities Limited |
Kofana Securities & Investment Limited | Valueline Securities & Inv. Limited | ||
Vetiva Capital Management Limited | |||
Vetiva Securities Limited . | |||
WCM Capital Limited | |||
WSTC Securities | |||
Zion Stockbrokers & Securities Ltd |