- Ryde, a Singapore-based ride-hailing company, began trading on the NYSE under the ticker “RYDE.”
- The IPO raised US$12 million to fund global expansion and technological upgrades.
- Ryde’s preincome tax losses widened in 2022.
Singapore’s Ryde trades on NYSE
Ryde, a Singapore-based ride-hailing company, has achieved a significant milestone by becoming the first Singaporean ride-hailing firm to begin trading on the New York Stock Exchange (NYSE).
The company’s stock, trading under the ticker symbol “RYDE,” debuted at US$4 per share and fluctuated between US$4.2 and US$4.6 during its second trading day.
The company successfully raised US$12 million in gross proceeds through its initial public offering (IPO), despite falling short of its initial goal of securing US$17 million.
Ryde’s strong revenue growth
Terence Zou, Ryde’s CEO, stated that the proceeds from the IPO will be utilized to fuel the company’s global expansion plans and invest in technological upgrades.
Ryde, founded in 2014, has established itself as one of the few companies holding a full ride-hailing license in Singapore, joining the ranks of prominent players such as ComfortDelGro, Grab, Gojek, and Tada Mobility.
The company’s revenue experienced a 42% year-on-year growth in 2022, demonstrating its strong market position and potential for future growth.
Ryde’s struggle with profitability
However, Ryde’s preincome tax losses widened from 20% of revenue in 2021 to 56% of revenue in 2022, indicating the challenges faced by the company in achieving profitability.
Prior to its NYSE debut, Ryde’s last funding round as a private company took place in April 2023, securing approximately US$2 million from family office Octava.
To read the original article in its entirety: https://www.techinasia.com/singapores-ryde-begins-nyse-trading-plans-expand-globally
