Summerset share price revealed-$1.40

Construction at one of Summerset's retirement villages in Auckland. Photo / supplied

Shares in Summerset Group, the retirement village owner and developer, have been set at $1.40 a share - the bottom end of an indicative $1.40 to $1.60 range, a financial market source told APNZ.

The company is 97 per cent owned by Australia's Quadrant Private Equity, which is putting 30 per cent of its stake up for sale.

The source said the offer achieved broad support from 14 local and international institutions during a so called "book-build" auction process.

Summerset, which will be a top 50 stock, is expected to list on the NZX on November 1.