Singapore TEB Ohmyhome Files Prospectus to List on The Nasdaq at $88m Valuation

The Southeast Asian proptech company Ohmyhome has filed documentation for an IPO on the Nasdaq stock exchange with a valuation of $88 million.

Ohmyhome is looking to raise around $15 million with the issuance of 3,50,000 Ordinary Shares at an offering price of $4.5 per share.

The company made $2.4 million in revenue for the six months that ended June 30th 2022, representing a 45% increase on the same period in 2021. Ohmyhome's Net Loss for the same period widened from $365k in 2021 to $627k in 2022.

The firm which describes itself in its prospectus as a "one-stop-shop property platform which provides end-to-end property solutions" operates in its native Singapore, Malaysia, and the Philippines.

Ohmyhome's core business is a tech-enabled brokerage which in 2021 generated 85% of company revenues. As a brokerage, it lists properties on regional portals such as PropertyGuru.

Like many similar entities in the region, Ohmyhome is also a listings and research site in its own right and generates revenue from mortgage and insurance referral fees and legal services. The company also set up a home renovations service in 2021.

Since beginning operations in 2016, Ohmyhome has facilitated transactions with an aggregate GTV of over $2.5 billion and claims to be Singapore's largest integrated property transaction platform. Other interesting metrics disclosed in the company's filing include the following:

• 250,000+ monthly active users.
• 650,000+ app downloads.
• 150,000+ unique weekly website visitors and 280,000+ weekly average for visits.
• 20,000+ active residential listings on site.

In terms of how Ohmyhome plans to use the money raised from the planned IPO. The SEC filing gave the following approximate distribution.

• 30% for market expansion across Southeast Asia.
• 10% for R&D.
• 20% for marketing and brand activities.
• 10% to repay shareholder loans.
• The rest as working capital and for general corporate purposes.

Ohmhome's announcement follows the U.S. listing of fellow Singaporean proptech PropertyGuru back in March. Despite favourable demographic headwinds and a strong leadership position, PropertyGuru's share price has suffered from the effects of the pandemic and its associated lockdowns in the region having fallen from an $8.33 listing price to be trading at $5.10 at the time of writing.