Ryde Group Ltd Completes IPO Raising US$12 Million Through NYSE American Listing

Ryde Group Ltd (NYSE American: RYDE), Singapore’s pioneering mobility and quick commerce technology platform, has successfully closed its initial public offering, marking a significant milestone for the regional tech company. The offering generated gross proceeds of US$12,000,000 through the sale of 3,000,000 Class A ordinary shares at US$4.00 per share to investors.

IPO Details and Market Launch

The company’s shares commenced trading on NYSE American on March 6, 2024, under the ticker symbol “RYDE.” The offering was facilitated by Maxim Group LLC in its capacity as the sole book-running manager, with Sidley Austin LLP serving as legal counsel to Ryde and Ortoli Rosenstadt LLP representing the underwriters.

Beyond the primary offering, the underwriters have been granted an option valid for 45 days from the closing date to purchase an additional 450,000 ordinary shares at the public offering price, minus underwriting discounts. This provision enables the underwriters to manage any over-allotment positions that may arise.

Regulatory Approval and Documentation

The Securities and Exchange Commission (SEC) approved the Form F-1 registration statement (File No. 333-274283) on February 28, 2024, clearing the path for the public offering to proceed. Prospectus documents are available through Maxim Group LLC or via the SEC’s official website, providing comprehensive information about the company’s operations and risk factors.

About Ryde’s Business Platform

Originating as Singapore’s first carpool application, Ryde has expanded into a comprehensive mobility ecosystem. The platform delivers on-demand and scheduled carpooling services alongside ride-hailing capabilities, connecting passengers with drivers while facilitating seamless transportation. The company has further diversified its service offerings to encompass parcel delivery solutions, including on-demand, scheduled, and multi-stop logistics capabilities.

The company’s strategic focus centers on leveraging technology to enhance the movement of people and goods across Singapore, creating value for both riders and drivers through an integrated digital platform.

Forward-Looking Perspective

This press release contains forward-looking statements regarding future operational plans and market performance. Words such as “anticipate,” “expect,” “intend,” “may,” and “will” signal statements about future expectations. Investors should recognize that actual outcomes may differ substantially from projections due to market variables, regulatory factors, and conditions detailed in the registration filings with the SEC.