Doubts Raised About Revenue in OhMyHome's Nasdaq IPO Prospectus

January 10, 2023
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The proposed Nasdaq listing of Singaporean tech-enabled brokerage and online property marketplace OhMyHome is coming under increased scrutiny with a local publication calling into question the company's revenue growth numbers.

Business publication TechInAsia (subscription required) yesterday reported that the company's IPO prospectus cited revenue numbers which were inflated by a related-party transaction. The publication claims that the transaction "exaggerates revenue growth in the company’s most recent period".

The transaction cited in the article saw OhMyHome bill its own Chairman David Loh (who is the husband of COO Race Wong) some $750k in the first half of 2022 for an ongoing property restoration project.

OhMyHome's prospectus does make clear the nature of the transaction and the fact that it accounted for 30.9% of revenue for the period. However, TechInAsia claims that this revenue may not be sustainable and if removed from the accounts, revenue growth for the first half of 2022 was just 2% rather than the 45.8% quoted elsewhere in the prospectus.

OhMyHome describes itself in its prospectus as a "one-stop-shop property platform which provides end-to-end property solutions". It operates in Singapore as well as in Malaysia and the Philippines.

The news in December that the company was filing for a public listing on the Nasdaq stock exchange at a $88 million valuation surprised many in the industry. The company is much smaller than most that file for IPO and is classed as a micro-cap.

OhMyHome is attempting to raise $14.5 million on the public market despite its accountants admitting that it"did not have sufficient cash balance as at December 31, 2021" and that the company's ability to continue as a going concern "depends on our ability to raise additional capital".

January 10, 2023
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

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