Home Topics Entrepreneurship Singapore Superapp Grab to go public with $ 40 billion valuation in...

Singapore Superapp Grab to go public with $ 40 billion valuation in SPAC deal

Anthony Tan listens to Tan Hooi Ling speaking during a Bloomberg television interview in Seattle. … [+] USA, on May 16, 2019.

Chona Kasinger / Bloomberg

Grab Holdings announced that it has reached an initial public offering agreement in the United States by partnering with a special purpose vehicle (SPAC) that will value the nine-year-old company at approximately $ 39.6 billion.

The hail and grocery delivery giant raises more than $ 4 billion by partnering with Altimeter Growth Corp. merges. This would be the largest acquisition ever made by a blank check company.

Silicon Valley’s Altimeter Capital Management is a sponsor of Altimeter Growth, which was listed on the Nasdaq Stock Exchange in September. The combined company will trade under the symbol GRAB in the coming months.

Altimeter Capital provided $ 750 million for the deal. This is the largest ever US stock sale by a Southeast Asian company. Other investors are BlackRock, Fidelity International, T. Rowe Price and the state-owned investment firm Temasek in Singapore.

“Altimeter invests in a way that demonstrates our aligned values, with a three-year sponsor suspension to promote stocks and an unprecedented contribution of stocks to our new GrabForGood Endowment Fund,” said Anthony Tan, CEO of Grab.

The GrabForGood Fund was announced last week with an initial fund size of $ 275 million that aims to tackle long-term social and environmental programs with contributions from Tan along with its co-founder Hooi Ling Tan and President Ming Maa.

Grab was founded in 2012 as an app for booking taxis, but has grown into a super app that offers everything from hail trips to food delivery to digital payments. The Singapore-based company now operates in 428 cities in eight countries.

Grab’s net sales rose around 70% in the past year and had rebounded well above pre-pandemic levels, according to a Reuters report.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles

From Believe’s $ 600 million IPO to Hipgnosis and Influence Media’s catalog offerings, it’s MBW’s weekly roundup

Welcome to Music Business Worldwide's weekly recap we make sure you got the top five stories of the past seven days in our headlines....

5 mistakes new coaches should avoid

Let my pain be your gain as I've rounded up some common mistakes coaches make early in their careers. When I started exercising clients, I...

MicroVision vs. Luminar Technologies: Which Lidar Stock is a Better Buy?

© Reuters. MicroVision vs. Luminar Technologies: Which Lidar Stock is a Better Buy? MicroVision (MVIS) and Luminar Technologies (LAZR) are two companies targeting the...