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Grab mulling secondary Singapore listing after SPAC merger -sources
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Grab mulling secondary Singapore listing after SPAC merger -sources
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SINGAPORE (Reuters) - Grab Holdings, Southeast Asia’s ride-hailing to delivery giant, is considering a secondary listing in its home market of Singapore after completing a Nasdaq listing via a $40 billion SPAC merger, three sources familiar with the matter said. Listing on Singapore Exchange would enable Grab to have an investor base close to where its regional business is based, the people said, potentially offering its customers, drivers and merchant partners easier access to trade its shares. Grab, a household name across Southeast Asia, is in the early stages of considering a secondary listing in the city-state, said the sources, who declined to be identified as they were not authorised to speak about the matter.
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A man walks past a Grab office in Singapore. (File photo: Reuters/Edgar Su)
16 Apr 2021 04:04PM (Updated:
16 Apr 2021 04:10PM) Share this content
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SINGAPORE: Grab Holdings, Southeast Asia s ride-hailing to delivery giant, is considering a secondary listing in its home market of Singapore after completing a Nasdaq listing via a US$40 billion SPAC (special purpose acquisition company) merger, three sources familiar with the matter said.
Listing on the Singapore Exchange (SGX) would enable Grab to have an investor base close to where its regional business is based, the sources said, potentially offering its customers, drivers and merchant partners easier access to trade its shares.
Grab and SGX declined to comment on the listing plans.
“For the right issuer, a secondary listing could well be a good move. You can get the best of both worlds,” said Raymond Tong, capital markets and M&A partner at law firm Rajah & Tann Singapore.
“If your home markets are in this region, a Singapore listing can help you tap another pool of investors as there are many family offices and funds based in Singapore,” said Tong.
The potential Singapore listing plans come after Grab this week struck a $40 billion merger with Altimeter Growth Corp., a special purpose acquisition company (SPAC), setting a record for the world’s biggest SPAC deal.
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