Property group Nicheliving seeks to raise $12 million through public issue
Property company Nicheliving Holdings Ltd (ASX:NLH) plans to raise up to $12 million through an initial public offer.
It has lodged a prospectus with the Australian Securities and Investments Commission for the public offering.
The initial offering is priced at $0.50 per share with up to 24 million shares being issued.
Perth-based Nicheliving says it offers diversified real estate services such as development, financial services, real estate sales, property management and project marketing.
It was founded by executive chairman Paul Bitdorf and managing director Ronnie Elhaj in 2002.
The company has a residential property development portfolio is more than $400 million with eight active projects and four in the approval phase, according to a media release.
Nicheliving specialises in managing residential developments which offer affordable housing options within various infill locations throughout the Perth metropolitan area, including Willetton, Canning Vale and Madeley.
Upon successful completion of the offer, Nicheliving will seek to list on the Australian Securities Exchange (ASX) and utilise the funds mainly for acquisition and development of further new in-fill locations in Perth.
The lead manager for the offer is CPS Capital Group Pty Ltd, with Steinepreis Paganin acting as legal advisors.
An indicative timetable for the Nicheliving Offer is shown below:
