Eileen Yu
for By The Way
| December 2, 2021
| Topic: E-Commerce
Grab Holdings will make its Nasdaq debut on December 2, after shareholders approved its special purpose acquisition company (SPAC) deal with Altimeter Growth. The IPO comes following an initial delay and a third-quarter report last month that saw Grab clock wider losses of $988 million.
Grab said in a statement Thursday it completed its merger with Altimeter in a deal that raised $4.5 billion in gross proceeds, marking the largest US public market debut by a Southeast Asian company. Shareholders on Tuesday approved the SPAC deal, which was announced in April, and set the Singapore-based mobile platform on course for a Nasdaq listing under the ticker symbol GRAB
The SPAC deal is touted to be the biggest US equity offering, clocking at an estimated value of $39.6 billion, including the $4.5 billion cash proceeds. Initially slated to take place “several months” following the announcement, the IPO was delayed until year-end after Grab said in June that it was awaiting approval from the US Securities and Exchange Commission.
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