Doubts Raised About Revenue in OhMyHome's Nasdaq IPO Prospectus

January 10, 2023
Share this Post: 

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
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Onthemarket Debt
OnTheMarket To Be Sold? US Investor Pens Open Letter to Shareholders Outlining His Vision

This one is already a nominee for "most unexpected headline of 2023" at Online Marketplaces. A US investor by the...

Read More
General Atlantic
General Atlantic Nets $220m as it Divests from Swedish Portal Hemnet

The private equity firm General Atlantic has divested from Hemnet according to a press release issued by the Swedish portal...

Read More
Streeteasy Skyline
StreetEasy to Introduce Tools to Capture Seller Leads for Agents

StreetEasy is set to launch a trio of products that the Zillow-owned portal says will capture the highly lucrative seller...

Read More
Homely Financial Results
Homely Officially Becomes Australia's #3 Portal

Industry-owned portal Homely has revealed that it became Australia's number three portal for the first time in 2022, based on...

Read More

Editor's Pick