On opening day, shares in Ryde opened at US$3.70 apiece.
“Being the first Singapore ride-hailing startup to list our shares on NYSE through an IPO is a historic achievement for Ryde. This significant milestone fuels our optimism as we embark on a journey to redefine carpooling, ride-hailing, and quick commerce,” says Terence Zou, founder and CEO of Ryde.
“We have faced challenges and hurdles that have tested our determination and resolve. But what has kept us going is the understanding of the impact that we have on people’s lives. It’s about our drivers who find a new source of livelihood, and our riders who enjoy the convenience and efficiency of our services,” Zou adds.
According to Ryde, the proceeds from its IPO will help the company venture into new markets and invest in technological improvements.
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In March 2021, Ryde had planned to list on the Singapore Exchange’s (SGX) Catalist board with a valuation target of $200 million. However, no prospectus was lodged.
