News and Announcements
DomaCom Ltd Update: $5.5m Raised in the Last 4 Weeks! Pre-IPO Round Closing Soon
- Published November 30, 2015 2:04PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Just to update you on DomaCom; in the last 4 weeks, Axstra Capital has raised $5.5m into their current pre-IPO round. ASX listed asset manager Contango Group has also invested $2m into this round (http://www.contango.
As of today there is $1.5m remaining of the current $10m pre-IPO round and we anticipate to close this by mid-December.
As a result of all this pre-IPO activity, CEO Arthur Naoumidis announced at the company’s AGM (held last week), that DomaCom will immediately commence the IPO process, with a target listing date of April/May 2016. A special resolution to change the company’s constitution to an ASX compliant version was put to shareholders at the AGM and it was unanimously supported.
The IPO is expected to bring in a further $10m, thus providing DomaCom with circa $20m to accelerate its expansion program. Once DomaCom is listed, Arthur believes that many more Financial Planning groups will sign up and use DomaCom as they will no longer be perceived as a “start-up”.
If you are contemplating becoming a shareholder prior to the IPO, the opportunity is still available. Shares are $0.50 each (min investment $50,000/100,000 shares).
Alternatively you can wait till 2016 and invest into the IPO. The only potential downside is that if either one of 2 significant milestones is met before the IPO, the share price is likely to be significantly higher than the $0.50 pre-IPO price. Arthur is confident of achieving at least one of these milestones prior to then, so we do expect that the IPO price will be at a premium to the pre-IPO price. No guarantees of course!
DomaCom is shaping up nicely and we are really excited about the next 12 mths, now that the funding is in place for them to significantly accelerate their growth.
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