It's official. Singaporean proptech Ohmyhome has just IPO-ed in the US! It's the first Singaporean firm to list on the Nasdaq this year and they're set to raise about $11.2M.

• It debuted on the Nasdaq on Tuesday, March 21.
• Buy, sell or even renovate! Founded in 2016, they've got an online one-stop property platform active across multiple markets in Southeast Asia.

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💭 The context

Like we talked about before, Ohmyhome is an example of a "micro-cap IPO," where the company market cap is around $50M–$300M and is raising much less than the usual millions or billions raised in the IPOs we usually see.

On March 20, Ohmyhome announced that they'd be offering around 3.8M shares priced at $4 each

• Downsized. Their initial proposal in December planned to offer 3.3M shares priced between $4–$5.
• The breakdown. 2.8M shares are from Ohmyhome. A selling shareholder (Anthill Realtors) offered 975,000 ordinary shares, but Ohmyhome won't get anything from the shares sold by Anthill.

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🔔 Opening day

The shares opened at $3.80, with prices rising to $4.24 and finishing the day at $4.07.

• As of writing, the share price is currently at $4.10 on its second trading day.

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💰 What's with the $$$?

They'll be expanding across SEA, investing in R&D for their products, repaying some interest-free loans and using the rest for working capital and other general purposes.

Zoom out. Another Singaporean property company called Prime Skyline is also looking to IPO in the US.

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