Property tech startup Ohmyhome officially started trading on the Nasdaq on Wednesday to become the first Singapore company to list in the US this year.
The one-stop property platform, led by founders Rhonda Wong and Race Wong, priced its IPO at $4 a share, raising $11.2 million from 2.8 million ordinary shares. The founders are also offering 975,000 shares but these have not been placed out yet.
It had earlier filed with the US Securities and Exchange Commission to raise up to $15 million by offering 3.25 million units at $4.5 each last December. The stock, with the ticker “OMH”, started trading at 12 am Singapore time on Wednesday. It ended its first day on Nasdaq at $4.07 apiece, up 1.75% from its IPO price.
The company has mentioned in its prospectus that the majority of the proceeds from the IPO will be used for expansion in Southeast Asia, marketing and brand-building activities, research and development of technology products, and services on mobile and web-based platforms.
Ohmyhome recorded a $1.34 million negative cash flow from operating activities as of December 31, 2021 and a negative cash flow from operating activities of $209,712 for the six months ended June 30, 2022.
The company was founded in 2016 and has since grown to become one of the leading proptech firms in the region, with operations in Singapore, Malaysia, and the Philippines.
Ohmyhome’s platform allows users to search for properties, schedule viewings, negotiate deals, and complete transactions all in one place.
The platform also offers a range of services such as mortgage advisory, legal documentation, and renovation services to help users navigate the entire property buying, selling, or renting process.
Ohmyhome had bagged $3.5 million in 2021 as part of its $5-million Series A+ funding round from Swettenham Blue, which contributed $1.5 million, and Vienna Management ($1 million).
Last year, Singapore recorded just eight IPOs, with a total of $40 million gathered, according to an EY report. For the entire Southeast Asia, last year saw 137 IPOs raising $6.5 billion, compared with 134 IPOs that raised $13.2 billion in 2021.