Singapore-based Ryde has appointed SAC Capital as its financial adviser to lead preparations ahead of a planned IPO while Standigm, a South Korean Artificial Intelligence (AI) company for drug discovery, has closed $44.5 million in a pre-IPO funding round.
Singapore’s Ryde appoints adviser for IPO in 2022
Singapore-based mobility app company Ryde said Monday it has appointed independent investment banking firm SAC Capital as its financial adviser to lead preparations ahead of a planned IPO on the Singapore Exchange (SGX).
Ryde’s IPO is slated for 2022, where the company is targeting a S$200 million ($148.41 million) valuation through a listing on Catalist, SGX’s sponsor-supervised listing platform for fast-growing local companies, according to a statement.
Ryde founder and CEO Terence Zou said, “a significant portion of the IPO proceeds will be invested in technology, product development and enhancing our operations. We intend to recruit 100 more staff in engineering, design, operations and digital marketing over the next three years to enhance our capabilities.”