(Image Source: Channel News Asia)
Grab Holdings just announced its US$40 billion merger with a publicly-listed shell company backed by Altimeter Capital. This is the biggest ever deal with a blank check firm for Grab.
This might be the largest US equity offering by a Southeast Asian country. Grab will be traded on NASDAQ as “GRAB” in the coming months.
The decision to go public came after Grab’s outstanding financial performance in 2020. The company is currently operating in 8 countries and 389 cities and is Southeast Asia’s most valuable start-up.
Grab has also extended its services beyond ride-hailing; currently offering services such as food and grocery delivery, courier services, digital payments, and is looking to venture into insurance and lending within Southeast Asia.