Ryde Group becomes first Singaporean ride-hailing start-up to IPO at NYSE

The group participated in the ringing of the closing bell at the NYSE on 4 April.

Ryde Group Ltd’s senior management team participated in the ringing of the closing bell in the New York Stock Exchange (NYSE) on 4 April 2024.

The company said in a statement that this was to celebrate its initial public offering (IPO) in March, and to honour Ryde Group as the first Singaporean ride-hailing start-up to IPO on the NYSE.

Among those present were CEO and Founder Terence Zou, CFO Chen Fei Lang, and CTO Nitin Dolli.

Ryde Group’s IPO sold 3,000,000 Class A ordinary shares at $5.394 (US$4.00) apiece for a total of $16.18m (US$12m) of gross proceeds.

Zou said “a significant portion” of the proceeds will be used to bring the Ryde Group into new geographic markets and to invest in technological improvements. This will be vital in “accelerating the future revenue and operational growth” of the company, he noted.

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