Reuters
Grab’s $40 billion Nasdaq debut to set tone for Southeast Asian tech listings
Grab, Southeast Asia’s biggest ride-hailing and delivery firm, makes its market debut on Thursday after a record $40 billion merger with a special purpose acquisition company (SPAC), in a listing that will set the tone for other regional offerings. The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products. The biggest U.S. listing by a Southeast Asian company follows Grab’s April agreement to merge https://www.reuters.com/article/us-grab-m-a-altimeter-growth-idCAKBN2C00H6 with U.S. tech investor Altimeter Capital Management’s SPAC, Altimeter Growth Corp and raise $4.5 billion, including $750 million from Altimeter.
