Grab, the food-delivery giant backed by Softbank, is going public in the US via the largest-ever SPAC merger, valuing it at $40 billion
- “Superapp” Grab is going public in the US via a SPAC merger with Altimeter Growth.
- The deal is set to value Grab, backed my Softbank, at $39.6 billion.
- The Singapore-based app offers services ranging from deliveries to financial services.
- See more stories on Insider’s business page.
Southeast Asian ride-hailing and food delivery giant Grab, whose backers include SoftBank and Mitsubishi UFJ Financial Group, announced Tuesday that it planned to go public in the US via a merger with blank-check company Altimeter Growth.
The deal is set to value Grab at $39.6 billion, and would be the biggest-ever special purpose acquisition company (SPAC) merger.
A SPAC is a company created solely to merge or acquire another business and take it public, making it a cheaper, faster alternative to an IPO, Insider’s Martin Daks reported.
Singapore-based Grab said it expected its securities be traded on Nasdaq under the symbol GRAB “in the coming months.”
Read more: Grab’s cofounders took a $10,000 business school prize and turned it into a ‘super app’ worth $40 billion as part of the largest SPAC deal ever
Grab describes itself as a “superapp.” It offers services ranging from deliveries to financial services.
Grab started as a ride-hailing venture in Malaysia in 2012 and is now the region’s most valuable startup.
Grab said that it decided to go public because of its strong financial performance in 2020. It posted a gross merchandise volume (GMV) of $12.5 billion, which is more than double its 2018 figure, despite the pandemic.
The company added that it accounted for about 72% of Southest Asia’s GMV for ride-hailing, and 50% for online food delivery, as well as 23% of regional total payment volume for digital wallet payments in 2020.
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