Jayride Group Ltd (ASX:JAY) will start trading on the ASX from Monday, 29 January following an initial public offer which raised $1.5 million at $0.50 per share.
Jayride aggregates transportation options like ride-sharing services, taxis and rental cars, providing a single platform where users can find transport from the airport to their destination.
On Jayride, travellers can compare airport transfers, including shared airport shuttles and private transfers, then book online at fixed prices.
It is worth noting that there are up to 7.4 billion trips by travellers to and from airports each year to connect with 3.7 billion air passenger trips travelled.
More than $14 million raised to date
Jayride has now raised in excess of $14 million since it was launched in 2012, and will be using the latest funds to further expand operations, including in the U.S. where it launched its offerings in 2015.
The U.S. market already accounts for over 50% of Jayride’s business, where it now services 250 airports and has partnerships with international travel brands including Rome2Rio, Amadeus, Flight Centre, Skyscanner and Expedia.
Jayride is aiming to be the global leading marketplace for airport transfers, a potential $100 billion market.
Following its listing, Jayride will have free cash of circa $7.2 million to $7.7 million. The company is targeting to generate strong cash flows from expanded operations.