Fractional property investment fund DomaCom has raised $8 million from investors, anticipating its planned public listing in the third quarter of the year.
Sophisticated and professional investors have supported the $0.50 per share capital raising, with DomaCom's share register now comprising more than 190 shareholders.
"This capital raising is an exciting step towards a planned public listing in the third quarter of the year," DomaCom chief executive Arthur Naoumidis said.
"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."
The $8 million pre-IPO capital raising was managed by Sydney-based corporate advisory firm Axstra Capital, along with joint lead manager Pulse Markets.
"We are very pleased with the result and to be able to close the pre-IPO ahead of schedule," Axstra managing corporate advisor Daniel Coombes said.
"The strong support received from investors is testament to the potential of DomaCom and the truly innovative pipeline of financial products it has and is developing. With this funding in place, the company can now focus its attention on the next step, which is a public listing."
The pitch targets investors who want Kidman Station to remain Australian-owned. Registrations of interest exceed 4,000 investors, who together have pledged about $58 million.
"Clearly there is a strong mood among investors that Kidman Station should remain in Australian hands, and our investment model can allow this to happen. Crowdfunding hasn't traditionally been associated with pastoral properties, but that's no reason why it can't happen," Mr Naoumidis said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
22 Feb 2017Crescent Wealth names new consulting CIOBy Staff Reporter
22 Feb 2017FSU claims CBA did not pay staff superannuationBy Killian Plastow
22 Feb 2017Prescott Securities takes former MD to courtBy Linda Santacruz
22 Feb 2017Advisers must comply with new cyber lawsBy Larissa Waterson
22 Feb 2017Advisers key to combating bias: MorningstarBy Larissa Waterson
21 Feb 2017New bank code needed to address issues: reportBy Larissa Waterson
- view all