Why Is Ride-Hailing Startup Ryde's Stock In High Gear Today?
Portfolio Pulse from Shivani Kumaresan
Ryde Group Ltd (NYSE:RYDE), a Singapore-based ride-hailing and carpooling company, saw its stock surge after its NYSE American listing. The company recently completed its IPO, offering 3 million Class A ordinary shares at $4.00 each, at the lower end of the $4.00-$5.00 expected range. Ryde, marking the first Singapore ride-hailing startup to go public on the NYSE, aims to use the IPO proceeds to expand globally and disrupt the industry. The company also introduced a 0% commission for drivers in 2024 to support the driver community and promote fairness. RYDE shares jumped 21.4% to $6.40.
March 11, 2024 | 5:03 pm
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Ryde Group Ltd's stock surged following its NYSE American listing and the completion of its IPO at $4.00 per share. The company's strategic move to introduce a 0% commission for drivers in 2024 and its plans for global expansion and industry disruption are key factors.
The significant increase in Ryde's stock price can be attributed to the successful completion of its IPO and its listing on the NYSE American, marking it as the first Singapore ride-hailing startup to go public in New York. The introduction of a 0% commission for drivers in 2024 is likely to enhance the company's appeal to both drivers and riders, supporting its growth and market disruption ambitions. These factors combined with the company's plans for global expansion are likely to have a positive short-term impact on its stock price.
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