Ohmyhome Co-Founders Race Wong (L) and Rhonda Wong
Singapore-based Ohmyhome has filed for an initial public offering (IPO) in the US at about US$88 million valuation, according to multiple reports.
The property-tech company seeks to raise up to US$16.25 million and offer 3.25 million shares at a price range of US$4-5 apiece.
The shares will be listed on the Nasdaq under the ‘OMH’ ticker.
Spartan Capital Securities is the lead managing underwriter and book-runner for the IPO.
Also read: Ohmyhome aims to tackle lack of transparency, unreliable agents issues in Filipino realty market
In the filing, Ohmyhome said it clocked US$2.4 million in revenue H1 2022 compared to US$1.7 million in H1 2021. Its net loss in H1 2022 doubled to US$700,000 from US$365,000 last year.
Started in September 2016 by sisters Rhonda and Race Wong, Ohmyhome connects buyers and sellers directly at no cost. The platform boasts features such as ‘ShoutOut’ and ‘Open House’ to enhance the overall user experience. It operates on a hybrid model — a do-it-yourself (DIY) platform and fully-fledged agency services.
The company has operations in the Philippines, Singapore, and Malaysia.
In August last year, Ohmyhome secured US$5 million in financing from local investor Swettenham Blue. Two years earlier, Ohmyhome raised US$2.9 million in a Series A round led by Golden Equator Capital.
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