RYDE

[winston]

not vested

Ride-hailing platform Ryde files for US$17 million IPO on NYSE

by Mia Pei


SINGAPORE-BASED ride-hailing company Ryde is seeking to list on the New York Stock Exchange (NYSE).

In a preliminary prospectus lodged on Aug 31, the home-grown startup indicated it intended to raise up to US$17 million in an initial public offering (IPO), with no pricing terms disclosed. New York-based investment bank Maxim Group is the sole bookrunner on the deal.

Founded in 2014, the ride-hailing platform differentiated itself by focusing on its carpooling service. It also envisioned becoming a “super mobility app”, offering multiple mobility tools through a single app, according to the prospectus.

About three-quarters of its 2022 revenue of S$8.8 million came from carpooling and ride-hailing services.

Ryde also makes money from advertising and its Ryde+ membership.

The two segments brought in total revenue of S$2.2 million last year.

The startup, however, registered recurring losses and sustained net losses of S$5 million in 2022, and S$1.2 million in 2021, according to the financials disclosed.

Its accounting firm raised “doubt about the company’s ability to continue as a going concern” in the prospectus, as its working capital stood at negative S$3.2 million, and its shareholders’ deficiency was negative S$7.7 million as at the end of 2022.

Source: Business Times

https://www.businesstimes.com.sg/startu ... n-ipo-nyse