News of Super app Grab’s early listing has been circulating in the market. It could be listed in the US markets as early as 2nd December, as is revealed by a source to TechinAsia.
Special Purpose Acquisition Company (SPAC) is also prepared to vote on the proposed deal for the early listing of Grab next week, which was also reported by Nikkei Asia.
Altimeter reported that an Extraordinary General Meeting (EGM) of shareholders is planned to be held on 30th November. The purpose for it is the approval of the proposed business merger with Grab, which runs the mobility, delivery and digital financing service sectors.
The merger with Altimeter was announced in April, as the Singapore based unicorn disclosed their plan to go public in the US markets. It is the largest SPAC deal to date.
Post the SPAC merger, Grab commends a steep valuation of US $ 40 billion. The valuation dials down to its presence in over 400 cities in eight countries across South East Asia which includes Singapore, Indonesia, Vietnam, Thailand, Cambodia, Malaysia, Myanmar, and the Philippines.
Anthony Tan, Group CEO and co-founder of Grab is immensely proud to represent South East Asia on the global stage and in the US market. He stated that they plan to work rigorously as they are close to listing and will become a publicly-traded company and economically empower their communities. He further said that South-East Asia’s success and Grab’s success are interlinked.
The company reported a 9% decline in its quarterly revenue in Q3 of 2021 to US $ 157 million. Grab ascribed severe lockdowns amid the Covid-19 pandemic to be a major cause of the reduction in mobility in Vietnam.