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Real estate firm commences IPO



Real estate

Purple Real Estate Income Plc has announced the opening of its Initial Public Offer as the first step in democratising access to real estate ownership.

According to a statement by the company on Sunday, the firm said, “The Offer will be open for 25 working days, closing on December 23, 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, 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 that 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 N26.4bn in FY2021.”

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