Ryde’s secondary listing in Germany

Singapore private-hailing car operator Ryde has a secondary listing on the Frankfurt and Stuttgart Stock Exchanges in Germany.

Ryde, which was listed on the New York Stock Exchange in March this year, became the first Singaporean company to go public in the United States this year. It was secondary listed on the Frankfurt and Stuttgart Stock Exchanges last Friday (June 7).

Ryde founder and CEO Zou Junming said in a statement: “By listing on the Frankfurt and Stuttgart Stock Exchanges, we are strategically expanding our investor base and making Ryde’s unique value proposition more accessible in the European market.”

Ryde did not raise any new funds in its secondary listing in Germany. The company raised $12 million in its New York listing in March.

According to the company’s prospectus, although Ryde’s revenue in 2022 increased by 42% year-on-year to 8.82 million yuan, the company still suffered a loss of 4.92 million yuan, an increase from 1.23 million yuan in the previous year.

Even though it is still losing money, it still successfully listed in New York. Market insiders believe that it is not uncommon for loss-making growth companies to successfully go public, because investors believe that the company can turn losses into profits and are optimistic about the company’s revenue growth prospects.