Grab Stock Drops Nearly 7% After Hours

Tiger Newspress2023-09-13

Grab stock dropped nearly 7% after hours Tuesday. Grab’s rival Ryde's files for a US$17 million IPO on NYSE may be the reason for its stock decline.

Singapore-based ride-hailing company Ryde is seeking to list on the New York Stock Exchange (NYSE).

In a preliminary prospectus lodged on Aug 31, the home-grown startup indicated it intended to raise up to US$17 million in an initial public offering (IPO), with no pricing terms disclosed. New York-based investment bank Maxim Group is the sole bookrunner on the deal.

Founded in 2014, the ride-hailing platform differentiated itself by focusing on its carpooling service. It also envisioned becoming a “super mobility app”, offering multiple mobility tools through a single app, according to the prospectus.

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Comments

  • Bitterboy
    2023-09-13
    Bitterboy
    Nobody uses ryde
  • Nase
    2023-09-13
    Nase
    Bankers selling so that they can buy $RYDE? 
  • YMlB
    2023-09-13
    YMlB
    Anybody knows any particular reasons that a sharp fall ? thanks 
  • Sunshinekim
    2023-09-13
    Sunshinekim
    Sentiments? 
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