New Zealand's largest retirement living provider, the $2.1 billion Ryman Healthcare, will make its debut on the Australian Securities Exchange next week.
The company, which was listed on the New Zealand Stock Exchange (NZX) in 1999, will list on the ASX on Wednesday, October 1, trading under the ticker RYM.
In a short statement to the NZX on Thursday, the company said the dual listing on the ASX would broaden its access to Australian and international investors.
Ryman pioneered the continuum of care model in New Zealand and successfully expanded into Australia in 2014, where it now has nine operational villages.
Ryman is the largest provider of retirement living options for people aged more than 70 in New Zealand. It owns and manages living options including independent townhouses and apartments, serviced apartments and care centres providing rest home, and dementia and hospital-level care.
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By the numbers
The company is valued at $2.1 billion and raised NZ$1 billion ($882 million) in March to pay down debt, reducing its debt level to NZ$1.67 billion ($1.47 billion).
Ryman's financial year ends on March 31. In May this year, the company reported a net loss of NZ$436.8 million ($385.2 million), which was impacted by several one-off items.
The company's operating EBITDA increased from NZ$14.4 million ($12.7 million) to NZ$45.5 million ($40.1 million), "reflecting improvements in both village and non-village performance", the company said.
Chief Executive Officer Naomi James said at the time that FY25 was a year of "significant reset".
While there is still work to be done, we start the year with a strong balance sheet, reset in revenue and cost performance well underway and a portfolio positioned to deliver cash and returns as the housing and economic cycle improves. Our offering, with a focus on providing exceptional care for our residents remains industry leading, and our portfolio is uniquely positioned as demand for retirement living and aged care increases.
Ms James said legislative changes in Australia under the Aged Care Bill 2024 would make the sector more attractive to invest in.
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.
Ryman currently has eight operational retirement living assets in Australia, one under construction, and a further four in the planning stage. All are in Victoria.
Ryman currently has its dividend payments suspended and said in its results report that it would undertake a review of its capital management policy, including the dividend policy in FY26.
