STOCKS | Staff Reporter, Singapore

Grab reaches for US market with initial public offer

The ride hailing firm maps out the largest Southeast Asian equity offering on NASDAQ.

Grab Holdings Inc. (Grab), the company behind Southeast Asia's largest ride hailing app of the same name, has announced its plans for a US initial public offering.

In partnership with Altimeter Growth Corp, its securities will soon be traded on NASDAQ under the symbol "GRAB".

With an initial pro-forma equity value of US$ 39.6b and a PIPE size of more than US$4.0b, it is set to be one of the largest IPOs from a Southeast Asian company in the New York-based bourse.

It is expected to net grab approximately US$4.5b in cash proceeds.

"As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds," said Grab CEO and co-founder Anthony Tan in a statement.

The decision to debut on NASDAQ came after a strong financial performance in 2020 amidst the pandemic.

The Singapore-based company also operates in Malaysia, Indonesia, Thailand, Vietnam, the Philippines, Myanmar and Cambodia. Aside from ride-hailing services, it also offers food and grocery deliveries. It recently expanded its services to include e-payments and insurance.

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