In a move that marks a significant milestone for Singapore’s ride-hailing industry, home-grown company Ryde has announced its intention to list on the New York Stock Exchange (NYSE).
The startup aims to raise up to US$17 million through an initial public offering (IPO), with the pricing terms yet to be disclosed. New York-based investment bank Maxim Group is set to act as the sole bookrunner for the deal.
Founded in 2014, Ryde has long been a distinctive player in the ride-hailing market, differentiating itself with a strong emphasis on carpooling services. In its preliminary prospectus, the company also outlined an ambitious vision to transform into a “super mobility app,” offering an array of mobility solutions all within a single application.
Ryde has been losing money for past few years
Approximately three-quarters of Ryde’s 2022 revenue, amounting to S$8.8 million, was generated from carpooling and traditional ride-hailing services. The company has diversified its income streams, with advertising and revenue from Ryde+ memberships contributing a total of S$2.2 million in the previous year.
Despite its impressive revenue figures, Ryde has been grappling with recurring financial losses. According to disclosed financial statements, the company reported net losses of S$5 million in 2022, following a loss of S$1.2 million in the previous year.
The decision to go public on the NYSE marks a pivotal moment for Ryde and reflects the company’s determination to secure the necessary capital to support its growth ambitions. This move also comes amid heightened competition in the global ride-hailing market and an increasing demand for innovative mobility solutions.
Ryde’s IPO is expected to attract significant attention from investors and industry experts alike, as it seeks to position itself as a leader in the evolving landscape of transportation and mobility services. The success of this offering could have far-reaching implications for the future of ride-hailing and mobility platforms, not only in Singapore but also on a global scale.
Featured Image Credit: Ryde