Ohmyhome CEO Rhonda Wong / Photo credit: Ohmyhome
Ohmyhome, a Singapore-based proptech firm, has started trading on the Nasdaq under the “OMH” ticker.
The company said it will sell over 3.7 million ordinary shares in the offering. Of the total, 2.8 million will come from Ohmyhome with the remaining coming from Anthill Realtors, a Singapore-based firm owned by the proptech company’s founders.
The IPO will net Ohmyhome US$11.2 million and Anthill US$3.9 million.
See also: Ohmyhome IPO raises red flags
In December 2022, Ohmyhome said it would sell 3.25 million shares priced between US$4 and US$5, targeting a valuation of US$88 million. At the time, the company generated US$2.4 million in revenue for the six months ended June 2022.
The firm’s IPO has been rather a surprise move as it’s still a relatively small startup. In comparison, New York Stock Exchange-listed PropertyGuru currently has a market cap of around US$762 million. Research has shown that small firms tend to experience IPO underperformance.
Update (Mar. 22, 2:45 p.m. SGT): This article was updated to include details about Ohmyhome’s market debut.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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