Asia Digest: Ryde Appoints Adviser For 2022 IPO; S Koreas Standigm Secures $44.5m In Pre-IPO Round

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.”

The development came after the Sea Ltd-funded company was reportedly targeting $7 million in a funding round led by family office Octava in February last year.

Ryde said the company turned profitable in the fourth quarter of 2020 as Gross Transaction Value (GTV) increased four times during the pandemic. Ryde aims to capture 30% of the ride-hailing market in Singapore by 2023. 

Singapore-headquartered SAC Capital has since seen over 42 IPOs and has raised around S$1.5 billion from IPO proceeds since it was founded in 2004.

S Korea’s Standigm secures $44.5m in pre-IPO funding round

Standigm, a South Korean Artificial Intelligence (AI) company for drug discovery, announced on Friday that it has closed $44.5 million in a pre-IPO funding round co-led by SKS PE and Daishin Private Equity.



The round was joined by new investors in banking and technology, including SKS PE, Daishin Private Equity, InterVest, KDB Bank, and Asset One, with follow-on investments from Standigm’s Series B investors Kakao Ventures, LB Investment, Atinum Investment, DSC Investment, and Wonik Investment Partners, Standigm said in a statement.

Standigm’s second-largest shareholder, SK Holdings, also participated through acquiring existing shares. The closing marks the last round of funding before Standigm goes to its planned initial public offering (IPO) on the Korea Exchange (KRX) later this year.

“The fund in this round will be used to bolster business-to-business sales through our advanced platform technology,” Standigm co-founder and CEO Jinhan Kim said.

Founded in 2015, Standigm has raised a total of $68 million from investors and developed a team with multi-disciplinary expertise in pharmacology, chemistry, biology, artificial intelligence, and data structures.