Ryde Group, which operates a ride-hailing app in Singapore, raised the proposed deal size for its upcoming IPO on Thursday.
The Singapore-based company now plans to raise $14 million by offering 3 million shares at a price range of $4 to $5. The company had previously filed to offer 2.3 million shares at the same range. At the midpoint, Ryde Group will raise 33% more in proceeds than previously anticipated.
Ryde Group envisions becoming a "super mobility app," offering multiple mobility tools through a single app. The company currently operates in Singapore through two core business segments: mobility, providing on-demand and scheduled carpooling and ride-hailing services; and quick commerce, providing on-demand, scheduled, and multi-stop parcel delivery services. Ryde also generates revenue through advertising and memberships.
Ryde Group was founded in 2014 and booked $8 million in revenue for the 12 months ended June 30, 2023. It plans to list on the NYSE American under the symbol RYDE. Maxim Group LLC is the sole bookrunner on the deal.
