- Briefing Your roundup of Asian tech and startup news that matter
Miguel Cordon · · 1 min readSources: Grab mulls SPAC merger for US listing
“Grab Holdings is exploring going public in the US through a merger with a blank-check company as the Southeast Asian ride-hailing and delivery giant seeks to expedite its listing process,” Bloomberg reported citing sources briefed on the matter.
Details:
- The banks that are advising Grab on its financial debut are said to be working to find special purpose acquisition companies (SPACs) that the Singaporean titan could merge with, the sources said.
- A Wall Street Journal report noted that Grab is in talks with a SPAC affiliated to Altimeter Capital Management for the deal, which could value the Singaporean startup between US$35 billion and US$40 billion.
- Grab is expected to raise somewhere between US$3 billion to US$4 billion in the deal.
Context:
- Grab’s route to being a public company will be shorter if it decides to take the SPAC route, the report noted.
- The firm’s IPO plans began taking shape after its supposed merger deal with its Indonesian rival Gojek collapsed.
Update (March 12, 2:00 pm): This article was updated to include details from a Wall Street Journal report.
Editing by Collin Furtado and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
