Nicheliving launches $12m IPO

Property developer Nicheliving Holdings has announced plans to raise up to $12 million and seek an ASX listing to finance the next stage of its growth strategy.

Founded by executive chairman Paul Bitdorf and managing director Ronnie Elhaj in 2002, the Western Australian residential property company is seeking to raise the funds through the issue of 24 million shares at 50 cents each.

CPS Capital Group has been appointed as lead manager for the offer, with Steinepreis Paganin acting as legal advisors.

Nicheliving lodged a prospectus with the Australian Securities and Investments Commission yesterday afternoon.

Upon successful completion of the offer, Nicheliving will seek to list on the ASX and has targeted the end of November for its ASX debut.

It plans to utilise the funds raised to finance growth plans, such as the identification, acquisition and development of affordable housing at infill locations in Perth.  

The company offers a range of services across land development, construction, finance, real estate sales, property management and project marketing, with a residential property development portfolio valued at more than $400 million including eight active projects.

A further four projects are in the approval phase.