Grab mulls potential $2b US listing this year, sources say

The financial debut could net the Singapore-born unicorn at least US$2 billion, potentially becoming the largest overseas IPO from the region, one source shared. “The market is good and the business is doing better than before. This should work well for public markets,” they added.

However, details of the IPO such as its size and timing have yet to be finalized and are still subject to market conditions, sources said. Grab declined Reuters’ request for comments.

According to the report, the coming IPO would come after merger talks with its Indonesian archrival Gojek were dropped.

The two companies have been working on a merger agreement since the start of last year, but have yet to agree on something concrete.

Early in 2021, it was reported that Grab asked for its founder Anthony Tan to be the “CEO for life” of the merged entity. The report also said that Tan demanded significant voting power, veto rights over board decisions, and a say in his compensation.

Shortly after, it was then reported that Gojek is in advanced talks with local ecommerce major Tokopedia about a possible merger deal. The two Southeast Asian giants have signed a detailed term sheet to conduct due diligence of their businesses, the report noted.