The Southeast Asian technology giant today confirmed its plans to list shares in the US in partnership with Altimeter Growth, a special purpose acquisition (SPAC) company.
Singapore-based Grab expects this to be the largest ever share offering in the US by a Southeast Asian company.
The organization combines hopes that its securities will be traded on NASDAQ under the GRAB symbol “in the coming months.”
The proposed transactions value Grab at an original conventional value of equity of approximately US $ 39.6 billion with a PIPE scale of more than US $ 4 billion.
It would give the company about $ 4.5 billion in cash in cash.
Grab Group CEO and co-founder Anthony Tan called the move “even more important” as the region recovered from the COVID-19 pandemic.
“It was also very challenging for us, but it taught us a lot about the resilience of the business. Our diverse hyper-app strategy has helped our driver partnerships around deliveries and allowed us to grow while improving margins. As we become a publicly traded company, we will work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab will succeed. “, He said.
“We always believe in long-term partnerships to drive impact on a large scale. We work closely with governments to support their national agendas and have partnered with some of the world’s best blue-chip companies. Altimeter is investing in a way that demonstrates our values match, with their sponsors taking a 3-year course of equity promotion and unprecedented equity contribution to our new GrabForGood fund, ”He added.
“They are joining our journey in the long run, coupled with a staggering cap of well-known institutional investors and sovereign wealth funds. This is a testament to the belief of the global investment community in Grab’s long-term value proposition and the exciting growth potential of Southeast Asia, ”Tan continued.
Over the past months, Southeast Asia’s leading technology companies such as Grab and Traveloka have been reported are preparing for their public listing in the US through the SPAC.
SPAC itself was guess to become a popular alternative to technology companies going public by 2021.
Grab said its share-listing decision was driven by “robust” financial activity in 2020, which it achieved despite the pandemic.
Grab has announced GMV will hit around US $ 12.5 billion by 2020, which the company claims will surpass pre-pandemic levels and more than double from 2018.
Image credit: Grab