Nicheliving Holdings Ltd. said Dec. 21 that it has recommenced capital raising for its planned IPO with a downward revised target of A$5.7 million.
The revised target, from A$12.0 million, is due to the consideration of a deal negotiated with Jetwin Investments Pty. Ltd., which will receive a roughly 18.00% stake in exchange for the transfer of its interest in certain special purpose vehicles to Nicheliving.
Nicheliving noted recent media reports and said "the articles do not fairly represent what has occurred with respect to Jetwin's involvement with Nicheliving."
Further, Nicheliving said there was "never any legal action taken against" the company.
Jetwin is an investor in a number of special purpose vehicles and had issued letters of demand to the said vehicles. It will receive the stake in exchange for the transfer of its interest in the special purpose vehicles, according to an earlier report.
The equity conversion is valued at A$9.9 million. Nicheliving plans to issue 30 million shares to Jetwin. The company said the agreement is an "excellent outcome" for its IPO as it secured a cornerstone investment worth A$9.9 million and improved its balance sheet.
The IPO is slated to close Feb. 16, 2018, and the company expects to list by the end of February 2018.