Gabriel Budi Sutrisno · · 1 min readSingapore’s Ryde begins NYSE trading, plans to expand globally
Photo credit: Ryde
Ryde has started trading on the New York Stock Exchange (NYSE) with the ticker “RYDE,” marking the first time a Singaporean ride-hailing company has debuted on the NYSE.
Its stock debut price was US$4 per share, which shifted between US$4.2 and US$4.6 in its second trading day.
The company raised a total of US$12 million in gross proceeds, though it previously aimed to secure US$17 million through the IPO. Terence Zou, Ryde’s CEO, said that the firm plans to use the proceeds to expand globally and upgrade its tech.
Founded in 2014, Ryde is one of the few companies with a full ride-hailing license in Singapore, joining the likes of ComfortDelGro, Grab, Gojek, and Tada Mobility.
Ryde’s revenue for 2022 grew 42% year on year, while its pre-income tax losses widened from 20% of revenue in 2021 to 56% of revenue in 2022.
It last raised funding as a private company in April 2023, securing around US$2 million from family office Octava.
See also: Ryde IPO: Investors should buckle up for a bumpy ride
Editing by Miguel Cordon and Lorenzo Kyle Subido
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