Nursing home giant Japara Holdings will offer up to 225.2 million shares at $2 each, according to Bloomberg News, citing the company's prospectus.
Japara, which has at least 35 Australian aged-care facilities, mostly in Victoria, had been expected by analysts to list at a market capitalisation range of between $490m and $528m.
The fully underwritten deal was being led by investment bank Macquarie Group, with support from Morgans and CommSec.
It is understood that the banks had received funding commitments well in excess of the size of the offering, tipped to list this month.
Investors were attracted to Japara, backed by prominent real estate investor Julius Coleman, given it would become the country’s only listed aged-care provider, offering exposure to the ageing population.