To The Moon

Ohmyhome plans to list on NASDAQ and issue 3.25 million common shares at an IPO price of US $4 to US $5 per share, and it is expected to raise US $13 million to US $16.25 million.

Ohmyhome $(OMH)$ is a platform that provides one-stop solutions for property transactions, offering convenience and efficiency for buyers, sellers and renters in Singapore and Malaysia. It was founded in 2016 by two sisters, Rhu Yee and Race Wong, who wanted to change the traditional real estate agency model with technology innovation.

Ohmyhome's services include free listing and searching of properties, professional agent services, renovation services, mortgage, conveyancing and more, it has achieved impressive results, having helped over 8,000 families successfully complete their property transactions and saved them S$45 million in commissions.

Company Business

Free listing and searching of properties: Users can use Ohmyhome's app or website to list their properties for sale or rent for free, or search for properties that interest them. Ohmyhome also provides a smart matching feature that sends suitable properties to users' WhatsApp based on their preferences.

Professional agent services: Users can also choose to entrust Ohmyhome's professional agents to provide them with full-service property transactions. Ohmyhome's agents are all rigorously trained and assessed, and have rich experience and skills. They will provide users with market analysis, pricing strategy, marketing plan, viewing arrangement, negotiation, contract signing, transfer and more.

Renovation services: Users who need to renovate or beautify their properties after buying or renting can contact Ohmyhome's renovation team. Ohmyhome provides a one-stop renovation service from design to construction, including consultation, planning, budgeting, material selection, construction supervision and more. Ohmyhome also guarantees the quality and transparency of the renovation.

Mortgage services: Users who need to apply for a loan when buying a property can find suitable loan plans through Ohmyhome. Ohmyhome cooperates with many banks and financial institutions to provide users with the best interest rates and conditions. Ohmyhome will also help users handle loan application and approval procedures.

Conveyancing services: Users who need to handle legal procedures such as transfer registration when completing property transactions can find professional law firms through Ohmyhome. Ohmyhome cooperates with many well-known law firms to provide users with efficient and reliable conveyancing services. Ohmyhome will also help users prepare relevant documents and pay relevant fees.

Financial Metrics

According to Ohmyhome's F1 filing

Main revenue are agency service, renovation service and advertising service. For the first three quarters of 2021, Ohmyhome's total revenue was S$10.1 million (about US$7.5 million), a 71% increase year-over-year. Among them, agency service revenue accounted for the highest proportion at 67%, renovation service revenue accounted for 28%, and advertising service revenue accounted for 5%.

Costs and expenses include sales and marketing expenses, research and development expenses, general and administrative expenses and cost of goods sold. For the first three quarters of 2021, Ohmyhome's total costs and expenses were S$14.9 million (about US$11 million), a 75% increase year-over-year. Among them, sales and marketing expenses accounted for the highest proportion at 46%, research and development expenses accounted for 23%, general and administrative expenses accounted for 22%, and cost of goods sold accounted for 9%.

Ohmyhome has not yet achieved profitability. For the first three quarters of 2021, Ohmyhome's net loss was S$4.8 million (about US$3.6 million), an 86% increase year-over-year. As of September 30th ,2021 ,Ohmyhome's accumulated deficit amounted to S$13.5 million (about US$10 million).

As of September 30th ,2021 ,Ohmyhome had total assets of S$17 million (about US$12.6 million) ,including cash and cash equivalents of S$8.2 million (about US$6 million) ,accounts receivable of S$3.4 million (about US$2.5 million) ,and property ,plant and equipment of S$3 .7million (about US $2 .7million) .

Total liabilities of S $11 .4million (about US $8 .4million) ,including accounts payable of S $3 .9million (about US $2 .9million) ,deferred revenue of S $2 .8million (about US $2 .1million) ,and convertible notes of S $3 .6million (about US $2 .7million) .

For the first three quarters of 2021 ,Ohmyhome had net cash used in operating activities of S $5 .7million (about US $4 .2million) , net cash used in investing activities of S $0 .9million (about US $0 .7million) , and net cash provided by financing activities of S$10 .8million (about US $8 million).

Financing History

Ohmyhome was founded in 2016, initially as a free self-service platform for users to list and search for homes, and later evolved into a one-stop shop property platform providing end-to-end services for all.

In September 2017, Ohmyhome completed its seed round of funding, with an undisclosed amount, from investors including 500 Startups ,Golden Equator Capital and Wavemaker Partners.

In September 2018 ,Ohmyhome completed its Series A round of funding ,with S $4million (about US $3million) ,from Golden Equator Capital.

In July 2020 ,Ohmyhome completed its Series A+ round of funding ,with S $3 .8million (about US $2 .8million) ,from investors including Kingsfield Asia ,Insignia Ventures Partners and Allianz X.

In January 2021 ,Ohmyhome completed its Series A++ round of funding ,with S $6 .8million (about US $5million) ,from Swettenham Blue .This round of funding valued Ohmyhome at S $60 .8million (about US $45million) .

In December 2021 ,Ohmyhome filed its IPO application with the U.S. Securities and Exchange Commission (SEC) and plans to list on Nasdaq. The IPO is expected to raise US$13 million to US$16.25 million.