Home-grown property platform Ohmyhome first S’pore firm to list in US this year

Ohmyhome was established in 2016 by sisters Race Wong (left) and Rhonda Wong as a one-stop property technology platform. PHOTO: OHMYHOME

Singapore online property solutions company Ohmyhome has become the first Singapore company to list on Wall Street this year.

It priced its Nasdaq initial public offering at US$4 per share, raising some US$11.2 million (S$15 million) from the issue of some 3.6 million ordinary shares.

To meet minimum float requirements, founders Race Wong and her sister Rhonda also set aside an additional 975,000 vendor shares. These have not been placed out yet.

The stock, with the ticker “OMH”, started trading at 12am Singapore time on Wednesday. The counter ended its debut session at US$4.07, according to data from MarketWatch. Around 640,000 shares changed hands.

Established in 2016 by the Wong sisters as a one-stop property technology platform serving buyers and sellers, Ohmyhome has grown rapidly on the back of a robust property market here. It also caters to clients seeking to rent and renovate homes.

Using over 20 full-time salaried agents, the company does an average of about 1,000 property transactions a year.

It did a US$5 million Series A fund raising in 2021 on a valuation of US$45 million, and posted revenue of some US$2.5 million during the first half of 2022. Its first-half 2022 net loss was US$0.7 million, which the company attributed to heavy investment in technology.

Prime Number Capital was the sole book runner for the offering, while SBI China Capital Financial Services was the co-manager.

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