The Singapore-based superapp Grab is set to make its Nasdaq debut tomorrow, December 2, 2021. Superapp Grab will list in the United States Nasdaq after Altimeter Growth Corp’s investors approved the merger between the two companies.
The merger is said the be one of the largest special purpose acquisition company (SPAC) deals ever – valuing the combined entity at nearly SGD$40 billion (RM123 billion).
As part of the deal, Grab will receive $4.5 billion (RM13.91 billion) in cash including $4 billion (RM12.36 billion) in private investment managed by Morgan Stanley, BlackRock, Singapore holding company Temasek, Fidelity, Altimeter and also T. Rowe Price.
The app Grab headquartered in Singapore describes itself as a superapp and offers services ranging from transportation to food deliveries and mobile payments to name a few. Starting out in the ride-hailing business, Grab has expanded its business operations in more than 400 cities across eight countries in Southeast Asia.
Grab saw its revenue hike up during the pandemic as people depended on online services such as food and grocery deliveries. In 2020, the company posted a gross merchandise volume of $12.5 billion (RM38.63 billion) which is more than double its 2018 figure.
Once referred to as the Uber of Southeast Asia, Grab is often described as one of the most valuable startups in Southeast Asia. Despite the forthcoming Nasdaq listing, the company is not considering a US expansion. The superapp is now had almost 25 million monthly transacting users and around 7,000 employees.
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