Online transport booking service Jayride Group (ASX: JAY) has commenced trading on the ASX today following an oversubscribed A$1.5 million initial public offering in December.
The Sydney-based business is an online marketplace that compares and books airport transfers from more than 2000 transport companies in over 500 airports throughout Australia, New Zealand, the United Kingdom, Ireland and the United States.
The transfer services include airport shuttle buses and private transfers such as taxis, corporate charter vehicles and chauffeured luxury vehicles like limousines.
Jayride’s platform has been designed to be used either directly by travellers, or through partnerships with travel agencies, global distribution systems, meta-search engines and travel wholesalers.
Around 150,000 passengers travelled using the booking system in 2017 alone.
Commissions and bookings fees form the principle source of funds for the company, although it has also raised almost $15 million since launching in 2012, including locking in $8 million in funding last September.
According to Jayride, funds from the IPO and pre-IPO will be used to achieve growth in both revenues and travelling passengers.
Milestones expected to be reached this year and onwards include international expansion, new transport companies, new travel partnerships, as well as launches of new technology to strengthen the company’s technical advantage.
Jayride managing director Rod Bishop said the company was excited to have such strong investor support.
“We look forward to delivering on our milestones in line with our objective to be a world-leading transport marketplace that provides seamless transport for travellers, and growing the company to benefit all of our stakeholders,” he said.
“The market opportunity for Jayride is enormous; with over 3.7 billion passenger trips going to and from airports every year, there is great potential in assisting each traveller and the travel industry to compare and book on the ground transport legs of their journey,” Bishop added.
Following today’s listing, Jayride expects to have between $7.2 million and $7.7 million in free cash, and is anticipating strong cash flows from expanded operations.