The IPO Buzz: Ryde Group (RYDE) Prices IPO at $4.00 – Low End

Singapore’s ride-hailing app – Ryde Group Ltd. (RYDE) – priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – on Tuesday night, March 5, 2024. Ryde Group priced 3.0 million Class A ordinary shares – the number in the prospectus – at $4.00 to raise $12.0 million on Tuesday night (March 5, 2024), the company saidRyde’s stock ended its volatile first day of trading on Wednesday, March 6, 2024,  at $4.00 – unchanged from its IPO price – on the NYSE – American Exchange on volume of about 2.69 million shares. Ryde’s stock opened at $3.70, below its IPO price, and then swung into the black – gaining $1.00 to trade at a session high of $5.00. (Editor’s Note: Updates column with RYDE trading activity through the closing bell in its NYSE –  American debut on Wednesday, March 6, 2024)

Maxim Group was the sole book-runner.

Ryde Group, founded in 2014, described itself as “the first carpool app in Singapore” in its pricing announcement. Ryde launched its on-demand carpooling app in 2015 and expanded its services to offer its first ride-hailing service – for Singapore’s taxis – in 2017, the prospectus says. The company launched its on-demand pet-friendly service, RydePET, in February 2018.

Uber’s exit from the Singapore market – Grab acquired Uber’s Southeast Asia operations in March 2018 – paved the way for Ryde to launch its first ride-hailing service, RydeX, in May 2018, the prospectus says.

Competition in Singapore’s crowded ride-hailing market is stiff, as Ryde says in the prospectus. Ryde is not profitable, reporting a net loss of $4.61 million on revenue of $7.81 million for the 12 months that ended June 30, 2023.

Ryde Group has a market cap of about $76.5 million after pricing its IPO at $4.00, the low end of its range.

Ryde’s IPO Road Trip

For Ryde Group, the IPO’s pricing marked a milestone in a trip that began with a confidential SEC filing last May and the filing of its F-1 (prospectus) with the SEC on Aug. 31, 2023. Ryde Group disclosed its IPO terms in an F-1/A filing on Sept. 29, 2023, with plans to offer 2.25 million Class A ordinary shares at $4.00 to $5.00 to raise $10.13 million.

Fast forward to Jan. 18, 2024, when Ryde Group increased the size of its IPO to 3.0 million Class A ordinary shares – adding 750,000 shares to its original size – and kept the price range at $4.00 to $5.00 to raise $13.5 million, if priced at the $4.50 mid-point.

Ryde Group, a Cayman Islands-incorporated holding company, offered the Class A shares in the IPO – and not the underlying business, the prospectus says.

Ryde’s business includes a Quick Delivery package service, available on the app as RydeSEND. Its mobility business consists of two types of service –  carpooling under the RydePOOL service in its mobile app – and ride-hailing services under seven services in its mobile app – RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE and RideTAXI, according to the prospectus.

Singapore-based Ryde’s goal is to become a “super mobility app” providing access to multiple mobility tools that “function seamlessly out of a single app, offering ultimate convenience and reliability for our customers,” the prospectus says,

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