04-16-2021, 09:03 PM
A $40 Billion Listing - How Two Malaysians Moved Grab To Singapore And Grow It As Southeast Asia's Most Valuable Startup
Grab Holdings Inc. is going public in the United States through a merger with US-based Altimeter Growth Corp. The partnership, which values the Southeast Asian ride-hailing and food delivery giant at a mind-boggling US$39.6 billion in market capitalization, will see its stock trade on the Nasdaq Composite Index. Essentially, that makes Grab the Southeast Asia’s most valuable start-up.
The deal would also make Grab the first Southeast Asian tech unicorn to go public through a SPAC (special purpose acquisition company) and give it funds – lots of cash – to expand. The merger will see investment firm Altimeter provides up to US$4.5 billion in cash proceeds to Singapore-headquartered Grab. But the tech unicorn actually started in neighbouring Malaysia.
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