Wednesday, Dec 1, 2021
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Grab to float its shares on NASDAQ through $35 bn SPAC deal

Grab NASDAQ_IFM_Image
Grab will merge with Altimeter’s Growth 1 SPAC fund

Singapore-based ride-hailing giant Grab will float its shares on NASDAQ through a special purpose acquisition company (SPAC) in a $35 billion deal, media reports said. Grab will merge with Altimeter’s Growth 1 SPAC fund and the deal will be finalised this week.

Earlier this year, it was reported that Grab is considering listing its shares in a US-based stock exchange this year. It was said that Grab could raise around $2 billion in its initial public offering (IPO), which would likely make it the largest overseas share offering by a Southeast Asian company.

Recently, the company announced an $275 million endowment fund to support its drivers and delivery and merchant partners. In a statement, Grab said that the fund will support programs aimed at delivering long-term social and environmental impact on communities in Southeast Asia.

In December, it was also reported that investors of Grab and its rival Indonesia-based Gojek, urged the two giants to merge their businesses. Grab’s founder and chief executive, Anthony Tan reportedly emailed his employees to say that Grab was in a position to acquire.

Anthony Tan said in the email, “There is speculation again about a Gojek deal. Our business momentum is good, and as with any market consolidation rumours, we are the ones in a position to acquire.”

In February, South Korea-based retailer Shinsegae Group invested an undisclosed amount in Singapore-based ride-hailing giant Grab. Shinsegae invested through its newly formed corporate venture arm Signet Partners.

Ms Tan Hooi-Ling, Grab’s co-founder told the media, “We are building products that positively impact millions across Southeast Asia, and we want to continue deepening our

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