Oceania Healthcare is aiming to raise $200 million in a share float on the New Zealand and Australian stockmarkets.
New Zealand's third largest rest home operator - which is owned by funds managed by Australia's Macquarie Group - is offering up to 263.2 million new shares for between 76c and $1.04 each.
That would value Oceania Healthcare between $472m and $571m.
The proceeds from the float would be used to pay down debt and give the company flexibility to buy more development sites.
Oceania chief executive Earl Gasparich said the company's focus on government-funded aged care gave it a stable cashflow in a sector with growing demand.
While 73 percent of its portfolio was weighted towards care beds, that was expected to fall to two-thirds, once Oceania's current development sites were built-out, over the next eight years.
The company's underlying profit rose 59 percent last year to $47m, compared with $29.5m in 2015.
That profit was expected to fall by 6 percent this year to $44.3m, as resale volumes were expected to fall, while 100 care-beds were taken out of service, ahead of some redevelopment.
However, the company expected underlying profit growth to bounce back next year, with a forecast 40 percent increase, as it completed a couple of development projects.
The share offer opens on 13 April, with listings on the NZX and ASX scheduled for 5 May.