Get ready for the opening of the Nasdaq on December 2
Delivery giant and superapplication Grab is preparing to make its Nasdaq debut under the GRAB ticker on Thursday, December 2 in a live ringing ceremony in Singapore.
Southeast Asia’s most valuable startup, Grab’s record-breaking public offering with special purpose acquisition company (SPAC) Altimeter Growth values the company at $ 40 billion.
Under the SPAC deal, Grab is set to secure $ 4.5 billion in cash, including $ 4 billion in private investments managed by Morgan Stanley, BlackRock, Singaporean holding company Temasek, Fidelity, Altimeter and T. Rowe Price, according to Business Insider. .
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Co-founded by Anthony Tan, who is CEO, and Tan Hooi Ling, COO, Grab started as a ridesharing platform in 2012 and has since evolved into a technology platform offering food delivery, payments, insurance. , investment, telemedicine, hotel reservations and other services for both consumers and traders.
The company has seen demand for some of its services soar during the pandemic and posted a gross cargo volume of $ 12.5 billion last year, more than double the level of 2018. In September, Grab had nearly 25 million monthly users and a workforce of around 7,000. The company is present in 400 cities in eight countries in Southeast Asia: Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Read more: Gab To Go Public at colossal $ 40 billion valuation
Grab’s biggest backers include SoftBank, Uber, and Toyota. The company was in talks with JP Morgan Chase & Co. and Morgan Stanley to strike a SPAC merger deal.
During a conference call in the third quarter, Tan told investors that the intensifying pandemic has resulted in severe lockdowns in the eight markets in which Grab operates. Vietnam in particular had strict controls on public transport and food delivery.
Grab GrabMart’s on-demand daily freight service volume for the third quarter of this year almost quadrupled compared to the same period in 2020 and increased by 78% compared to the second quarter of 2021.
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