Grab IPO: Grab Set For S$54.5 Billion Listing on the Nasdaq on 2 December 2021
After having postponed its Special Purpose Acquisition Company (SPAC) deal on 10 June 2021, Singapore-based ride-hailing giant, Grab, is finally getting listed.
Grab will be listing on Nasdaq on Thursday morning, 2 December from Singapore time 10pm to 10.30pm.
With Grab being Southeast Asia’s most valuable startup, its merger with SPAC Altimeter Growth Corp. (Nasdaq: AGC) will be listed on Nasdaq at a valuation of US$40 Billion ( S$54.5 Billion). This listing will by far, be the world’s largest SPAC deal.
Grab Shares Tumble in Trading Debut After Blockbuster SPAC Deal
Grab Holdings Ltd. ’s shares turned red after initially opening higher on their first day of trading in New York, after the Southeast Asian ride-hailing and delivery giant completed a record-breaking merger with a special-purpose acquisition company.
Shares recently fell 9.6% to $9.95, giving Grab a market capitalization of roughly $37.9 billion. The Singapore-headquartered firm in April agreed to combine with the SPAC Altimeter Growth Corp. in a deal that valued it at close to $40 billion, setting a high-water mark for transactions involving blank-check companies, which raise money with the purpose of seeking a target to merge with and take public.