DomaCom Limited IPO update

DomaCom Limited CEO Arthur Naoumidis has announced the company has increased the minimum raising to $6 million ahead of its impending IPO.

The corresponding underwriting commitment has also increased to $6 million to ensure that the minimum is fully underwritten.

The closing date of the offer remains at August 19.

Arthur said the company is continuing to work diligently on a number of initiatives including ongoing discussions with Retal Superannuation Fund to participate in the Kidman transaction being conducted by DomaCom.

“These discussions have progressed to the point that the company believes that the Retail Fund is likely to add the DomaCom Kidman Station to one of their funds with the potential to successfully raise the capital to acquire the land component of S.Kidman & Company," Arthur said.

"There can, however, be no guarantee that this project will complete."

Arthur suggested that DomaCom is also in advanced discussions with a national charity that has a multi-billion dollar land bank including significant land holding bequeathed to the charity. 

“We feel this initiative may appeal to investors also looking for an ethical and socially responsible investment”, he said.

The proposal is to use the DomaCom platform to allow investors to partner with the charity to convert the bequeathed land to affordable housing. 

DomaCom can now confirm that its modelling does not show any need to raise further capital in the next two years thanks to the increased minimum capital raising and improved outlook for significant transactions.