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.
FASEA has come under scrutiny from a parliamentary committee for its treatment o...
ASIC must overhaul the way it engages with advisers to focus on proactive educat...
ASIC needs to work harder and more efficiently if it wants to reduce fees and im...