1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
ORKT
Listed on
2024-07-25
Sector
Information Technology
Subsector
Software
Offer Price
$4.75
Shares Offered
2.75M
22.75M
$108.1M
12.1%
Implied Upside vs Midpoint
Description
We are a holding company incorporated in the Cayman Islands with operations conducted by our Singapore and Malaysia subsidiaries, which is headquartered in Singapore. Through our operating subsidiaries in predominantly Singapore, we position our Group as a No-Code software development platform. We disrupt traditional Enterprise application development, in particular for small and medium-sized enterprises (“SMEs”), by using integrated Agile and DevOps practices for mobile developers to build cross platform mobile application, faster, smarter and in a secure manner with our proprietary No-Code Rapid Mobile Application Development Platform (“RMAD”), adopting a Platform-as-a-Service (“PaaS”) model. We define SMEs as entities with an employment size of not more than 200 or with annual sales turnover of not more than $100 million. Our RMAD platform, eMOBIQ®, provides a No-Code development environment focusing on enterprise mobile application solutions with easy-to-use navigation tool, drag-and-drop application building component and seamless integration to various ERP systems and portals. We also provide a web portal solution, “OK365®”, that offers an intermediary platform for our customers to be able to collect data from their end customers and perform operational tasks before uploading the final data back to their backend system. We are also certified Independent Software Vendor (“ISV”) for both Microsoft Dynamics 365 Business Central and Acumatica Cloud ERP. We also provide digital transformation solutions to SMEs in Singapore through the implementations of Enterprise Resource Planning (“ERP”) system coupled with our Enterprise Mobile Application solutions which are developed using our eMOBIQ® development platform. Our digital transformation projects include the sales and consulting of Microsoft Dynamics ERP software licenses, as well as various steps in the project implementation, including solution architecture consultancy, business process re-mapping, system customization and customer support. Such end-to-end solutions have helped many SMEs to go digital which is well aligned with the Singapore government’s “SME Go Digital(1)” program. As a holding company incorporated in the Cayman Islands with no material operations, we conduct our operations in Singapore and Malaysia through our operating subsidiaries: MSC Consulting (as defined hereunder in this prospectus) primarily engages in the operations of consulting, customizing, implementing, sales and after sales support for Microsoft Dynamics Enterprise Resource Planning System. Orangekloud Singapore (as defined hereunder in this prospectus) primarily engages in the operations of no-code platform and mobile application technology and distributions. MSCI Consulting (as defined hereunder in this prospectus) engages in the operations of support arm for Singapore business units. The Company also has a holding company subsidiary, Enterprise Software Investment Inc. while the subsidiaries, Orangekloud USA (as defined hereunder in this prospectus) and Orangekloud Reskilling (as defined hereunder in this prospectus) are currently dormant. (1) https://www.imda.gov.sg/how-we-can-help/smes-go-digital --- Our principal place of business is 1 Yishun Industrial Street 1 #04-27/28&34 Aposh Building Bizhub Singapore, 768160. Our registered office in the Cayman Islands is located at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, PO Box 10240, Grand Cayman, KY1-1002 Cayman Islands. The telephone number of our principal place of business is +65 6317 2050. Our corporate website is https://orangekloud.com. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 23.3x | 10.6x | ||
Revenue growth | -14.9% | 13.1% | ||
Gross margin | 47.2% | 58.7% | ||
Operating margin | -22.2% | -5.1% | ||
Net margin | -21.5% | -12.3% | ||
Free cash flow margin | -16.9% | -2.1% | ||
Rule of 40 | -32.3% | 22.6% | ||
Net cash / market cap | 0.7% | 1.2% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 1.42 | 0.99 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-02-20 | F-1 | — | $5.00 | — | — |
| 2024-03-06 | F-1/A | — | $5.00 | — | — |
| 2024-03-21 | F-1/A | — | $5.00 | — | — |
| 2024-07-25 | 424B4 | — | $5.00 | — | — |
| 2024-07-25 | 424B3 | — | $5.00 | — | — |
ORANGEKLOUD TECHNOLOGY INC. income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings (SGD).
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | SGD 7.2M | SGD 6.1M | SGD 4.0M | SGD 5.7M |
| Gross profit | SGD 4.2M | SGD 2.9M | SGD 1.1M | SGD 2.5M |
| Operating income | SGD 1.8M | (SGD 1.4M) | (SGD 8.7M) | (SGD 7.5M) |
| Net income | SGD 2.0M | (SGD 1.3M) | (SGD 8.6M) | (SGD 4.5M) |
| Revenue growth | — | −14.9% | −33.6% | 40.6% |
| Gross margin | 58.8% | 47.2% | 26.1% | 44.2% |
| Operating margin | 25.3% | −22.2% | −215% | −131% |
| Net margin | 27.8% | −21.5% | −214% | −78.7% |
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | SGD 4.2M | SGD 16.0M | SGD 11.9M |
| Total liabilities | — | SGD 2.1M | SGD 2.5M | SGD 3.3M |
| Total equity | SGD 3.4M | SGD 2.1M | SGD 13.6M | SGD 8.5M |
| Cash & equivalents | — | SGD 1.1M | SGD 8.2M | SGD 3.0M |