Grab Set To List In US, Valuation To Be Brought To S$46.9B
Singapore-based tech company Grab is close to finalizing its listing in New York, according to the Financial Times.
The group’s listing will take place this week with one of Altimeter Capital’s two Special Purpose Acquisition Companies (SPAC), the Altimeter Growth 1 fund. capital to acquire other businesses.
The listing will value the ridesharing giant at around US $ 35 billion (S $ 46.9 billion), making it the largest merger between a private company and a blank check company.
This could allow Grab to raise around $ 2.5 billion (S $ 3.35 billion) through private equity investment (PIPE). About $ 1.2 billion (S $ 1.61 billion) will be funded by Altimer.
Grab’s plans to list via the SPAC route come after merger talks with Indonesian rival Gojek failed. Perversely, sources familiar with the matter told The Business Times that the two largest ridesharing companies in the region were unable to agree on various issues, including “valuation and corporate culture.”
According to people familiar with the situation, the deal has not been finalized, while Grab and Altimeter declined to comment.
Featured Image Credit: Grab
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