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

December 9, 2022
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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.

December 9, 2022
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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