Super App Grab To List On Nasdaq Today In World's Largest SPAC Merger Deal
The listing comes after investors of Altimeter Growth Corp, a special purpose acquisition company, approved its merger with Grab on Tuesday
Southeast Asia super app Grab will list on the Nasdaq today through a merger with Altimeter Growth Corp, a special purpose acquisition company (SPAC). It first announced its plans to go public in the United States in mid-April this year.
The merger is said to be the largest SPAC deal globally and the listing the largest US equity offering by a Southeast Asian company. The combined entity, which will trade under the ticker symbol GRAB, is expecting to raise about US$4.5 billion in cash proceeds and reach a valuation of nearly US$40 billion.
“It gives us immense pride to represent Southeast Asia in the global public markets,” says Grab co-founder and group CEO Anthony Tan. “This is a milestone in our journey to open up access for everyone to benefit from the digital economy. As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds.”
Grab was first started by Tan and his co-founder Tan Hooi Ling in Malaysia in 2012 as an online taxi booking service, and later diversified into various other categories including delivery, financial services and hospitality in a single super app. In 2018, it acquired Uber's Southeast Asian operations, and today serves millions in over 400 cities across eight countries.
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