Summerset Group, the retirement village operator and developer that listed in November, wants to target Auckland’s ageing population and has bought property on the city’s northern fringe for a new village.

UPDATED: Shares in market newcomer Summerset debuted at a small premium today before the price pulled back in afternoon trading.

Shares in retirement village operator Summerset will begin trading on Tuesday – Melbourne Cup day – after its initial public offer closed fully subscribed, raising $123.6 million.

Summerset chairman Rob Campbell said the response from New Zealand and international institutions and retail brokers had been “extremely positive.”

The retirement village operator is forecasting pro forma net operating cashflows of $51.9 million and total investment properties of $632.6 million for the financial year ending 31 December 2012.