The duo believe that listing Ohmyhome on Nasdaq would bring more visibility to the brand, and are confident in securing the targeted investment.
“We are small but we are in need of capital to grow aggressively, and we find it a great time for us. We don’t see difficulties in securing interest from our investors,” said Rhonda.
Race said it is part of the firm’s plans to grow its long-term value, so the trend of the IPO market did not deter them as they were not trying to catch a particular time to list.
Ohmyhome will not pay dividends, but instead rely on the price appreciation of ordinary shares, according to the sisters.
“I think for us not paying dividends is really just what we’ve been doing all these years, which is to reinvest everything that we have back into the company. We are heavily invested in our growth, and we’ll continue to do that,” said Rhonda.
GROWING THE COMPANY
According to its filing with the US Securities and Exchange Commission, the company plans to allocate 30 per cent of its proceeds to expand in the Southeast Asian region, 10 per cent to the research and development of its products and another 10 per cent to repaying loans.
“We want to be able to expand our market share (and) continuously grow the company. Today we are in Singapore and Malaysia. We want to further expand that and potentially even into new markets,” said Rhonda.
They aim to expand into Thailand, the Philippines, Indonesia and Vietnam, said Race.
She added that they attend tech conferences globally and regionally to network with founders of similar firms and explore potential collaborations.
They are still on the lookout for good companies to work with in those overseas markets, either as partners or as potential merger and acquisition candidates, said Rhonda.
UNDETERRED BY A SLOW 2022
While 2022 was a dramatically slower year for IPOs, property emerged as a rare bright spot.
There are fears that investments could take a hit as developers scale back projects due to falling prices, waning demand and higher borrowing costs.
The pain is being felt from the US to China, while prices continue to fall in Australia and New Zealand.
Singapore, which has been more resilient than other markets, is also starting to see demand cool.