DomaCom IPO on track
Crowdfunder, DomaCom, has confirmed its initial public offering (IPO) plans as it has managed to raise $7.35 million of a targeted $10 million.
According to the company, it should be listed on the Australian Securities Exchange (ASX) within the next five weeks.
The capital raised from the IPO was expected to help DomaCom accelerate growth, and in particular to build on the 59 bookbuilds currently in progress, adding to the 24 properties already acquired.
Additionally, the company is currently working on bookbuilding The Block apartments and is working on a regional city town square development at Mount Barker, on the outskirts of Adelaide.
"We are very pleased with the result of our capital raising that has increased total shareholder numbers to nearly 700," DomaCom chief executive, Arthur Naoumidis, said.
"We are active across the residential sector with existing and new development property and also have two rural properties set to launch."
Last week, the company announced that due to a sale of the Kidman & Co pastoral holding to Gina Reinhart and Chinese investors, it was forced to wind up its Kidman campaign and planned to "divert attention to a much more attainable rural opportunity".
One of the recently-launched campaigns by DomaCom was its new bid for a northern Queensland beef breeding property.
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