SINGAPORE – Ohmyhome, a Singapore-based real estate platform, has filed for a US initial public offering (IPO) aiming to raise more than US$14.6 million (S$19.78 million), according to a US Securities and Exchange Commission (SEC) document seen by The Business Times on Tuesday.

The company intends to do so by issuing 3.25 million shares under its Cayman Island-incorporated entity, Ohmyhome Limited, at between US$4 and US$5, its midpoint being US$4.50.

Proceeds will be used for market expansion in South-east 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.

Additionally, the company has no plans at present to pay out dividends on ordinary shares. It will instead channel its earnings for the operation and growth of its business.

The sole bookrunner of the deal is Spartan Securities.

For the six months ended June 30, the company booked a total revenue of $3.4 million, up 45.8 per cent from the $2.3 million in the same period a year ago.

Net loss attributable to the group, however, widened from $500,000 in the first half of 2021 to $900,000 in the first half of 2022.

According to data from VentureCap Insights, Ohmyhome has a post money valuation of US$39 million following its last funding round in August 2021, which amassed US$5 million led by Swettenham Blue, the family office of the Tay family, which is behind the OG department stores.

According to the filing, no existing shareholders have indicated an interest in purchasing shares at the IPO price.

The company also filed a Resale Prospectus for shareholders who may wish to sell up to 975,000 shares separately.

Started in 2015, Ohmyhome 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. THE BUSINESS TIMES