Ride-hailing and car-pooling company Ryde has completed its secondary listings in Germany while Singapore has approved four sandbox trials for battery charging and swapping systems for electric heavy goods vehicles and mobile charging systems.
SG’s Ryde completes secondary listings in Germany
Singapore-based ride-hailing and car-pooling company Ryde has completed its secondary listings on the Frankfurt and Stuttgart stock exchanges to gain exposure to investors in Europe, Business Times reported.
On June 7, Ryde, which did not secure any fundraising through its listings, closed at $6.89 with a total of 50 shares traded across both exchanges.
It has a primary listing on the New York Stock Exchange (NYSE), where its current market capitalisation is around $133.5 million. It made its debut on the NYSE on March 6 and raised $12 million through the sale of three million ordinary shares priced at $4 apiece.
Last year, Ryde, which has only a 2.5% market share in the city-state, sought to raise $17 million through an IPO on the New York Stock Exchange. The company submitted its preliminary F1 prospectus to the US securities regulator in August.
According to the Business Times, Terence Zou, the founder and CEO of Ryde, stated that by listing on the German stock exchanges, the company is broadening its customer base and making its “unique value proposition” more accessible to the European markets.
Singapore approves new sandbox trials for EV charging
Singapore’s Land Transport Authority has approved four sandbox trials for battery charging and swapping systems for electric heavy goods vehicles (e-HGVs) and mobile charging systems (MCS).
These trials will allow LTA to understand the technical and operational requirements of such technologies and to consider incorporating them in the upcoming Technical Reference 25 (TR25). The trials will gradually commence in the second half of 2024 and will run for four years.
PSA Corporation, the port operator, will run battery-charging and battery-swapping stations at its Pasir Panjang port terminal. This station will serve six terminal electric prime movers and two on-road electric inter-gateway hauliers.
A consortium formed by Strides Frontiers—a business unit of public transport operator SMRT—and EcoSwift will manage a battery-charging and battery-swapping station in Tuas. This consortium will collaborate with local logistics firms to offer e-HGV battery-swapping services for up to 10 vehicles.