Ryde to launch $200m IPO

The riding app has appointed SAC Capital as financial advisor for the IPO to be listed through Catalist.

Singapore riding app Ryde is preparing to launch a $200m valuation through an initial public offering (IPO) slated for 2022.

The IPO will be listed through SGX’s Catalist. The company has appointed SAC Capital as financial advisor for the IPO.

The IPO is part of Ryde’s preparation to capture 30% of the ride-hailing market in Singapore by 2023. Part of the IPO could include plans for its top drivers to receive bonuses and shares upon completion.

Ryde achieved record growth in revenues and turned profitable in Q4 2020. The company saw over 30% YoY growth of users on its platform in the last quarter of 2020, underscoring a shift in consumer sentiments and preferences for an alternative ride-hailing option in Singapore.

Ryde presently counts over 10,000 monthly active drivers in their network and has facilitated over 16 million bookings in its app.