(Bloomberg) -- Ryde Technologies Pte, a ride-hailing service provider in Singapore, hired local investment bank SAC Capital to advise on its plan for an initial public offering in 2022.

The upstart will target a valuation of S$200 million ($149 million) through a listing on the Catalist board, the Singapore Exchange venue for fast-growing companies, it said in a statement.

Ryde was founded by Terence Zou as Singapore’s first carpooling app in 2014 before expanding into private-hire and taxi booking as well as on-demand courier services. It has survived competition with giants like Grab Holdings Inc. and Gojek partly by offering cheaper fares for riders and lower commission rates for drivers.

Its app has been downloaded almost 700,000 times in the city-state of 5.7 million people. The company is targeting gross transaction value of S$120 million from ride-hailing and delivery services this year, according to the statement.

SAC Capital has handled more than 40 IPOs and raised about S$1.5 billion from IPO proceeds since its inception in 2004.

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