Grab gets green light to list on Nasdaq tomorrow (Updated)

Update (Dec. 1, 12:20 p.m. SGT): This article was updated after Grab’s listing on December 2 was confirmed.

At an extraordinary general meeting on Tuesday, shareholders of special purpose acquisition company (SPAC) Altimeter Growth Corp. voted to approve the merger with Grab. The firms confirmed that the Southeast Asian super app will list on Nasdaq on December 2 under the ticker GRAB.

Last week, a source with knowledge of the matter had told Tech in Asia that Grab could list in the US as soon as December 2.

Photo credit: Grab

Blank-check firm Altimeter had earlier announced that it would hold an extraordinary general meeting of shareholders on November 30 to approve the proposed business combination with Grab, which operates across the delivery, mobility, and digital financial services sectors.

In April, the Singapore-based unicorn unveiled plans to go public in the US via a merger with Altimeter, the largest SPAC deal to date.

The SPAC merger values Grab at roughly US$40 billion. The super app is present in over 400 cities in eight countries across Southeast Asia, namely Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

See also: How Grab built its lead in the food delivery war

“It gives us immense pride to represent Southeast Asia in the global public markets,” Anthony Tan, group CEO and co-founder of Grab, said when the listing was first announced. “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.”

Earlier this month, Grab posted 9% decline in its revenue for the third quarter of 2021 to US$157 million. The  company attributed the drop to reduced mobility in Vietnam, which implemented severe lockdowns amid the Covid-19 pandemic.