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Singapore’s property tech startup Ohmyhome is the first Singaporean company to list in the US this year, with a valuation of US$88 million.

It priced its initial public offering (IPO) at US$4 per share, raising some US$11.2 million (S$15.05 million) from the issue of some 3.6 million ordinary shares.

Of these shares, 2.8 million are offered by Ohmyhome and 975,000 are offered by the selling stockholder. The proptech company said it will not receive any proceeds from the sale of shares by the selling stakeholder.

It expects the IPO to close on or about Thursday, subject to the satisfaction of customary closing conditions.

The company plans to use the proceeds for market expansion in Southeast Asia, for research and development of its products, to repay “certain interest-free loans” and for working capital and other general corporate purposes, said Ohmyhome in its IPO filing.

Its revenue have raised “substantial doubt”

Established in 2016 by sisters Race and Rhonda Wong as a one-stop property technology platform.

The company offers property services such as search, self listing, agent service, mortgage, conveyancing, renovation and moving services. It also facilitates cross-border buying and selling of properties across its three markets.

It raised US$5 million funding in a Series A round in 2021 at a valuation of S$60.8 million. For the first half of 2022, it booked a total revenue of S$3.4 million — this is up 45.8 per cent from S$2.3 million for the same period a year earlier.

However, its net loss for the first half of 2022 widened to S$900,000 from S$500,000, which the company attributed to heavy investment in technology.

According to financial statements reported by TechinAsia, its brokerage services accounted for over 85 per cent of Ohmyhome’s total revenue in three of the four periods under review.

However, in the most recent period, this figure decreased to 50 per cent, partially due to a related-party transaction. After removing this transaction, brokerage services still accounted for 72 per cent of the most recent period’s revenue, similar to previous years.

Despite the potential impact of the related-party transaction, Ohmyhome’s revenue in 2021 increased by 31 per cent from the previous year. This trend continued in the first half of 2022, with a 46 per cent jump from the same period in 2021.

However, US$0.8 million of the revenue in the first half of 2022 came from the related-party transaction, which may not be sustainable beyond 2022. Excluding this transaction, revenue growth for the first half of 2022 was just two per cent from the previous year.

In addition to concerns about its revenue, Ohmyhome’s accountants have expressed “substantial doubt” about its ability to continue as a going concern based on its financial statements as of December 2021. The company experienced negative cashflow from operating activities of US$1.3 million, with just US$0.9 million of cash remaining on its balance sheet.

Ohmyhome hopes that by going public, it will help the company secure funding and align its sources of funding with its expenses and debt repayment obligations.

Featured Image Credit: Ohmyhome

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© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)