Grab IPO on Nasdaq in SPAC Merger with $40 Billion Market Value, Falls 20% on Day 1 with Founder Anthony Near Billionaire Status
10th June 2021 | Singapore
Southeast Asia Ride-Hailing & Super App Grab has IPO on Nasdaq in a SPAC merger with Altimeter Growth Corp at $40 billion market value, with shares falling 20% on Day 1 (2/12/21) and Grab founder Anthony Tan nearing billionaire status. With the IPO, Anthony Tan holds 3.3% stake in Grab valued at $1.3 billion at IPO and hold a controlling voting rights of 60.4% when combined with Grab President Ming Maa. The SPAC merger was first announced in April 2021. (SPAC ~ Special Purpose Acquisition Company, IPO ~ Initial Public Offering)
” Grab IPO on Nasdaq in SPAC Merger with $40 Billion Market Value”
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
Altimeter Growth Corporation
Altimeter Growth Corporation (Nasdaq: AGC) is a special purpose investment vehicle sponsored by Altimeter Growth Holdings (“Altimeter”), which is part of the Altimeter Capital Markets Platform, formed to invest in and help bring a world-class technology company to the public markets.
On April 13, 2021, Grab Holdings Inc., Southeast Asia’s leading superapp, announced it intends to go public in the U.S. through a SPAC transaction in partnership with AGC. The combined company expects its securities will be traded on the Nasdaq under the ticker symbol “GRAB” in the coming months.
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.
Related:
- Grab $39.6 Billion SPAC IPO Delayed to Q4 2021, Pending Accounts Clearance
- Southeast Asia Grab Goes Public on Nasdaq at $39.6 Billion Valuation with SPAC Merger
- Indonesia Tech Giants Gojek and Tokopedia Merge to Form GoTo Group, Eyes $35 Billion Future IPO
IPO:
- JD Logistics IPO in Hong Kong, 3.3% Higher on Day 1 with $32 Billion Market Value
- UK-Based Deliveroo IPO on London Stock Exchange, Down 26.4% on 1st Day
- 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
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