Ryde Group, which operates a ride-hailing app in Singapore, raised $12 million by offering 3 million shares at $4, the low end of the range of $4 to $5.
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 plans to list on the NYSE American under the symbol RYDE. Maxim Group LLC acted as sole bookrunner on the deal.
