Why Is Ride-Hailing Startup Ryde's Stock In High Gear Today?

Singapore ride-hailing and carpooling company Ryde Group Ltd RYDE shares are surging after being listed on the NYSE American under the ticker symbol “RYDE.”

Ryde recently closed its previously announced initial public offering of 3 million Class A ordinary shares at $4.00 per share, at the bottom end of its expected $4.00-$5.00 price range, and began trading on March 6, 2024.

Ryde is the first Singapore ride-hailing startup to undergo an initial public offering on the New York Stock Exchange.

“This significant milestone fuels our optimism as we embark on a journey to redefine carpooling, ride-hailing, and quick commerce,” said Founder and CEO Terence Zou.

“The use of proceeds from our initial public offering will play a pivotal role in the expansion of Ryde’s services globally and disrupting the incumbents in the industry.”

The platform provides on-demand and scheduled carpooling and ride-hailing services, as well as on-demand, scheduled, and multi-stop parcel delivery services.

On January 2, 2024, Ryde introduced a 0% Commission for all its private-hire and taxi drivers in 2024. The movie is to support the driver community and to build a fairer platform for both drivers and riders.

Price Action: RYDE shares are trading higher by 21.4% at $6.40 on the last check Monday.