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Deepti Sri · · 1 min readReport: Grab to unveil listing this week via merger with US blank-check firm
“Grab and Traveloka are poised to become public companies in the coming months, kickstarting a coming-out party for Southeast Asia’s long-overlooked internet scene,” reported Bloomberg.
Details:
- Grab will reveal this week a listing through a US blank-check company that’s drawn backers from investment firm T Rowe Price to Temasek Holdings, pushing Grab’s valuation to US$34 billion.
- Indonesia’s Traveloka will also list at a valuation of about US$5 billion via a merger with Richard Li and Peter Thiel’s special purpose acquisition company (SPAC).
Context:
- The development comes amid recent reports which state that Grab could go public by merging with one of the SPACs of US-based Altimeter Capital, giving Grab founder Anthony Tan a 2% stake in the combined listed company.
- Meanwhile, Indonesia’s heavyweights Gojek and Tokopedia have agreed on the terms of a merger at an estimated US$18 billion, which is now awaiting shareholder approval.
Editing by Collin Furtado and Jaclyn Tiu
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