Oh my! Check out Ohmyhome, a Singapore-based proptech startup that just filed for an IPO in the US. But this is far from your usual IPO. They're looking to list on the Nasdaq at a valuation of $88M. (Yup, just $88M!).

• They last raised a $5M Series A+ round in 2021.

‍

🤷🏻‍♀️ What's with this tiny IPO?

The IPOs we usually talk about are HUGE — like Bukalapak, GoTo Group, VinFast, and more.

• For context, GoTo was looking to raise $1.1B at a valuation of around $27.8B, while VinFast was initially looking to raise $2B at a $60B valuation.

Get smart. But Ohmyhome's an example of a "micro-cap IPO," where the company's market cap is around $50M–$300M and is raising smaller amounts of capital (basically, not hundreds of millions and beyond).

• Ohmyhome is looking to raise up to $16.25M or about $14.6M at the midpoint.
• They plan to offer 3.25M shares for $4–$5 each under the ticker "OMH".

‍

🤔 But who are they, anyway?

Ohmyhome is a one-stop property platform where you can buy, rent, sell or even renovate your property.

• They're active across Singapore, Malaysia and the Philippines.

Oh, and if you need any property-related services, like agents to sell your property, aircon servicing or even a mortgage — they've got your back too!

‍

🔜 What's next

We'll have to see whether the IPO pushes through and how it goes post-listing. So far, SEA startups that have IPO-ed in the US, like Grab and Sea Group have not done well. So stay tuned!

It's been observed that smaller firms with smaller capitalizations tend to outperform bigger firms — a trading anomaly. But that might change soon.

• But the Nasdaq, NYSE and FINRA issued a regulatory alert last month to guide IPO reviews because of micro-cap IPO trading anomalies.