OHMYHOME, a Singapore-based real estate platform, has filed for a US initial public offering (IPO) aiming to raise over US$14.6 million, according to a US Securities and Exchange Commission (SEC) document seen by The Business Times on Tuesday (Dec 13).

The company intends to do so by issuing 3.25 million shares under its Cayman-Island-incorporated entity, Ohmyhome Ltd, 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.

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.

For the six months ended Jun 30, the company booked a total revenue of S$3.4 million, up 45.8 per cent from the S$2.3 million in the same period a year ago. Net loss attributable to the group, however, widened from S$0.5 million in the first half of 2021 to S$0.9 million in H1 2022.

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Ohmyhome had a post money valuation of US$45 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 OG department stores. (*see amendment note)

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 selling shareholders who may wish to sell up to 975,000 shares separately.

Assuming a successful IPO, the company’s enterprise value at IPO would approximate US$74.2 million, excluding the effects of underwriter over-allotment options.

*Amendment note: Contrary to data from VentureCap Insights, Ohmyhome has clarified that its post-money valuation after the last Series A+ round is in fact US$45 million. The article has been amended to reflect this.