DomaCom hits capital raising target early
DomaCom Limited's latest capital raising program is closing ahead of schedule, after securing $8 million, with plans to list the company on the Australian Securities Exchange later this year.
Fractional property investment fund owner, DomaCom Limited's plans to listing on the Australian Securities Exchange (ASX) later this year, after securing $8 million in a pre-initial public offering.
DomaCom chief executive, Arthur Naoumidis, said the Fractional property investment fund owner's share register boasted almost 200 shareholders, following the latest campaign.
"This capital raising is an exciting step towards a planned public listing in the third quarter of the year," he said.
"It's been a long journey since DomaCom first introduced the concept of fractional property investing to the market in 2012, but we are now starting to gather some real traction in the market.
"We have acquired already our first 11 properties with another 54 property acquisitions in progress.
"This should bring our total number of properties on the platform to 65 with a market valuation of about $40 million."
Axstra Capital managing corporate advisor, Daniel Coombes, who managed the capital raising campaign, said he was "very pleased with the result and to be able to close the pre-IPO ahead of schedule".
"The strong support received from investors is a testament to the potential of DomaCom, and the truly innovative pipeline of financial products it has and is developing," he said.
"With this funding in place, the company can now focus its attention on the next step, which is a public listing."
AUTHOR
Nicholas O'Donoghue
Recommended for you
The struggle to recruit specialist expertise in alternative asset classes means senior analyst salaries are surpassing $200,000 as fund managers compete for talent, observes Kaizen Recruitment.
TWC Investment Management, which launched in September, has unveiled a long-only equity fund targeting global wealth creator stocks.
Magellan Financial Group’s chief financial officer and chief operating officer Kirsten Morton is set to depart from the asset manager after more than a decade.
Magellan Financial Group has terminated three funds in its Core Series, including a sustainable fund and ESG fund, having determined they are “unlikely to achieve the necessary scale”.
