Singapore’s Grab Holdings to list in the US following a SPAC deal

Singapore-based Grab Holdings, a ride-hailing service provider, will go public in the United States (US) through a merger with Altimeter Growth Corporation. The company is expected to have a market valuation of approximately USD39.6 billion after combining with Altimeter Capital Management’s special purpose acquisition company (SPAC). Altimeter Capital, which arranged Altimeter Growth’s initial public offering in September 2020, is investing USD750 million in the firm, accounting for about a fifth of the new funds raised.

Grab is expected to raise more than USD4 billion in cash from investors including BlackRock, Fidelity International, T. Rowe Price Group,  and from state owned investment companies including UAE-based Mubadala Investment Company and Singapore-based Temasek Holdings. 

The deal will make Grab the first Southeast Asian (SEA) technology company to go public via a SPAC.