Grab to go public in partnership with Altimeter
Southeast Asia’s ride-hailing platform Grab announced it intends to go public in the US in partnership with Altimeter. The combined company expects its securities will be traded on NASDAQ under the symbol “GRAB” in the coming months.
The proposed transactions value Grab at an initial pro-forma equity value of approximately $39.6 billion at a PIPE size of more than $4.0 billion and will provide Grab with approximately $4.5 billion in cash proceeds. Grab is a superapp dedicated to serving everyday needs and everyday entrepreneurs. It offers services across mobility, deliveries, financial services and more, in an all-in-one app.
“It gives us immense pride to represent Southeast Asia in the global public markets. This is a milestone in our journey to open up access for everyone to benefit from the digital economy. This is even more critical as our region recovers from COVID-19. It was very challenging for us too, but it taught us immensely about the resiliency of our business. Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability. As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds.” – Anthony Tan, Group CEO and Co-founder, Grab.
“As one of the world’s largest and fastest-growing internet companies, Grab is paving the digital path forward for the 670 million citizens of Southeast Asia. We are thrilled that Grab selected Altimeter Capital Markets as their partner to go public and even more excited to become sizable long term owners in this innovative, mission driven company.” – Brad Gerstner, Founder and CEO, Altimeter.