Grab set to announce deal with US SPAC at US$40 bil valuation thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Why should investors care about Grabâs SPAC?
The ride-hailing and financial services platformâs listing will be seen as a test of Southeast Asiaâs tech start-ups.
Grab started life as a ride-hailing company in 2012, before expanding its services to include food delivery and financial products like loans and insurance.
In January, its financial arm Grab Financial Group secured $300m in Series A funding, led by South Koreaâs Hanwha Asset Management. This followed a 40% jump in revenues year-on-year in 2020 for Grabâs financial service business, which has distributed over 70 million insurance policies since launching in April 2019.
In February, Grab secured a $2bn five-year loan facility from international investors, which it plans to use to strengthen liquidity and diversify its funding sources.
SINGAPORE - South-east Asia’s largest ride-hailing and food delivery firm Grab Holdings is set to announce later on Tuesday (April 13) a merger with US-based Altimeter that is set to value Grab at nearly US$40 billion (S$53.6 billion) and lead to a US public listing, three people told Reuters. The merger will make it the biggest blank-cheque company deal ever..
Grab SPAC listing: Singapore s Grab to go public in world s biggest $40 bn SPAC merger indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
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Grab Holdings Inc., the operator of the most popular ride-hailing app in Southeast Asia, today announced plans to list on the Nasdaq stock exchange via a special-purpose acquisition company merger.
The transaction is expected to give Singapore-based Grab an initial pro-forma equity value of $39.6 billion, which will reportedly make the deal the biggest SPAC merger in history. The amount of capital the company expects to raise is noteworthy as well: Grab anticipates up to $4.5 billion in cash proceeds.
SPAC mergers are an alternative to traditional initial public offerings for firms seeking to list their shares. In such transactions, the firm headed to the stock market merges with a SPAC that is already publicly traded. Listing this way offers several benefits, including the fact that SPAC mergers are often several months faster than a traditional IPO.