Southeast Asia Grab Goes Public on Nasdaq at $39.6 Billion Valuation with SPAC Merger
16th April 2021 | Singapore
Grab, one of the largest ride-hailing and technology company in Southeast Asia, is going public on Nasdaq at a $39.6 billion valuation in a merger with Special Purpose Acquisition Company (SPAC), Altimeter Growth Corp. The SPAC merger will raise $4.5 billion for Grab.
” Grab Goes Public on Nasdaq at $39.6 Billion Valuation with SPAC Merger “
SPAC (Special Purpose Acquisition Company) is also popularly referred to as a blank cheque company, that allows the listed company without any existing businesses to raise capital through an IPO (initial public offering), and thereafter use the capital to invest into companies.
Grab to Receive $4.5 Billion

With the merger, Grab will receive approximately $4.5 billion, with $4.04 billion in private placement investment with key investors including BlackRock, Fidelity, T. Rowe Price, Janus Henderson, Nuveen, Mubadala (Abu Dhabi SWF), Permodalan Nasional (Malaysia SWF) and Temasek (Singapore SWF).
SWF ~ Sovereign Wealth Fund
Grab, founded in 2012

Grab, the superapp of Southeast Asia, was founded in 2012 by Harvard graduates Anthony Tan and Tan Hooi Ling as a taxi-hailing app in Malaysia. They launched MyTeksi for users to book taxis. Shortly, MyTeksi was renamed to Grab and relocated to Singapore.
With backing from investors including Softbank, Grab became Southeast Asia’s largest ride-hailing company and expanded into food delivery, digital payments and financial services.
Today, Grab serves more than 187 million users in over 350 cities across 8 countries in Southeast Asia, including Singapore, Malaysia, Thailand Indonesia, Vietnam, Philippines, Cambodia and Myanmar. In 2020, Grab reported revenue of $1.6 billion and net loss (EBITA) of $800 million.
Grab Underwriters

With the SPAC merger with Altimeter Growth Corp, Grab will receive approximately $4.5 billion at a $39.6 billion valuation.
Evercore is the financial advisor to Grab for the transaction and JP Morgan and Morgan Stanley are co-advisors. JP Morgan and Morgan Stanley are the lead placement agents and Evercore and UBS are co-placement agents to Alimeter Growth for the private placement.
With the upcoming listing on Nasdaq, Grab will trade under the Nasdaq ticket symbol GRAB. Grab is also considering a secondary (dual) listing in Singapore (Singapore Exchange).
Grab Shareholders
Grab founder Anthony Tan will own 2.2% (122.9 million shares), which is valued at around $870 million. Co-founder Tan Hooi Ling will own 0.46% (25.6 million shares) and President Tan Ming Maa will own 0.26% (14.4 million shares), which is valued at $181 million and $102 million respectively.
Grab shares valuation for Anthony Tan, Tan Hooi Ling, Tan Ming Maa:
- Anthony Tan ~ $870 million
- Tan Hooi Ling ~ $181 million
- Tan Ming Haa ~ $102 million
Their shares account for around 3% of total shares but around 60% of the weighted voting. The major shareholders of Grab will be SoftBank Vision Fund (18.6%), Uber (14.3%), Didi Chuxing (7.55) and Toyota Motor (5.9%).
Related:
- Alibaba Fined $2.78 Billion by China State Regulator for Anti-Monopoly Practices
- Indonesia President Jokowi Targets $200 Billion Sovereign Wealth Fund
- $342 Billion Investment Firm KKR Raises $15 Billion for Asia Fund
- Credit Suisse and Nomura in $6 Billion Hit by Bill Hwang Archegos Family Office
- 150 Stocks Suspended Trading on Hong Kong Stock Exchange for Missing Filing Deadline
- Facebook co-Founder Eduardo Saverin B Capital Creates SPAC to Raise $300 Million on NASDAQ
- Ant Group $300 Billion Record IPO Suspended in both Shanghai and Hong Kong Exchange
- New York Stock Exchange Remains Market Leader for IPO in 2020, Raising $81.8 Billion
- NASDAQ Executed 300 IPOs in 2020, Raising $77.86 Billion
- Shanghai Stock Exchange is Now the World’s 3rd Largest Stock Exchange
IPOs
- Baidu IPO on Hong Kong Exchange, Price Remains Unchanged on Day 1
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
- Kuaishou IPO Rises 160% on Day 1, Raised $5.32 Billion
- Airbnb IPO Rises 112% on Day 1, Raised $3.5 billion
- DoorDash IPO Rises 85% on Day 1, Raised $3.3 billion
- JD Health IPO Rises 55% on Day 1, Raised $3.4 billion
About Grab
Grab is the leading superapp platform in Southeast Asia, providing everyday services that matter to consumers. Today, the Grab app has been downloaded onto millions of mobile devices, giving users access to over 9 million drivers, merchants, and agents. Grab offers a wide range of on-demand services in the region, including mobility, food, package and grocery delivery services, mobile payments, and financial services across 428 cities in eight countries.
About Altimeter Capital Management
Altimeter Capital Management, LP is a leading technology-focused investment firm built by founders for founders with over $15 billion in assets under management. Altimeter’s mission is to help visionary entrepreneurs build iconic companies, disrupt markets and improve lives through all stages of growth. Altimeter manages a variety of venture and public funds and serves as an expert long-term partner to companies as they enter the public markets.
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
- Learn More | Caproasia Users
- About Us | Caproasia Platforms, Events, Membership, Users
- Caproasia.com | You are already here
- Caproasia Access | Access to All Platforms, Events, Information, Services
- The Financial Centre | Find Private Banks, Family Office Services, Hedge Funds
- The Membership | Join a Powerful Network
- The 2022 Investment Day | $250k to $10 million per Placement
- Investor Relations Network | Join a Powerful Network
- Family Office
- Professional Investor
- Professional Investor Partnership
- HNW Investor Partnership
- Monthly Investment Day
- The Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
- Caproasia User
- Family Office Circle
- Family Office Networking
- Family Office Roundtable
- The 2021 / 2022 Family Office Summit
- The 2022 Family Office Summit
- The 2022 Private Wealth Summit
- The 2022 Investment Summit
- The 2022 CEO & Entrepreneur Summit
- The 2022 ESG / Sustainable Investment Summit
- The 2022 Capital Markets Summit
Caproasia.com | The leading financial website for investment managers, professional investors, UHNW & HNW investors and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia is a financial information technology co. founded in 2014. We have 4 businesses in Media, Information, Services and Technology. We created 3 solutions: Membership, Events & Platforms to drive investment decisions in Asia through information, services, technology & people, that impact economies, societies & people. Our Mission: Driving the future of Asia Goal 2022 | We have a goal in 2022. To drive $22 billion of deals & investments. Join us to drive $22 billion of deals & investments in 2022. For 2022 Investment Day: mail@caproasia.com For Family Office, Professional Investor, HNW Investor Events: mail@caproasia.com For Membership, Events, Networking, Roundtable, Summits: mail@caproasia.com For Investment Relations Network: mail@caproasia.com For Platforms, Media Kit, Advertising, Campaigns, Partnerships: angel@caproasia.com For press release: press@caproasia.com For all other enquiries: mail@caproasia.com