Grab, Southeast Asia Ride-hailing and Superapp
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Grab Faces Investigation & Class Action Lawsuit, Falls 70% from IPO Price in 4 Months

11th March 2022 | Singapore

Grab, Southeast Asia Ride-Hailing & Super App, is facing potential investigation and class action lawsuit after numerous law firms in United States announced Grab possible violation of United States federal securities laws after investors suffered losses from 37% in a day to more than 70% from IPO price just 4 months after IPO.  Grab shares had fell more than 70% from its IPO price in 4 months (Dec 2021 to March 2022), and with the latest financial update on 3rd March 2022 reporting revenue decline of 44%  from the previous quarter & $1.1 billion quarterly loss, the share price fell 37% within a day.  In the December 2021 IPO through a SPAC merger with Altimeter Growth Corp, Grab had claimed: “mobility business has been rising as lockdowns have been relaxed. Our payments business also continues to grow. We’re seeing all strong signs.”  But in the March 2022 financial update, Grab attributed the poor financial results to “investing heavily” in driver incentives and stated that it would take one or two quarters “to get that equilibrium between drivers and riders, between supply and demand.”  See below for list of law firms announcing the investigation and for investors to file claims. (IPO ~ Initial Public Offering)

“ Grab Faces Investigation & Class Action Lawsuit, Falls 70% from IPO Price in 4 Months “

 

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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.

 

United States Law Firms Announced Investigations on Grab

Grab, Southeast Asia Ride-hailing and Superapp

 

Grab IPO on Nasdaq in SPAC Merger with $40 Billion Market Value, Falls 20% on Day 1 with Founder Anthony Near Billionaire Status

In December 2021, Southeast Asia Ride-Hailing & Super App Grab 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 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 Founder Anthony Tan

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

Grab, Southeast Asia Ride-hailing and Superapp

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.

 

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