Ride-hailing and supply firm Grab has announced plans to go public in the U.S. Based in Singapore, the firm has developed from a ride-hailing app to a Southeast Asian tremendous app that gives a number of client companies, together with meals supply, monetary companies, comparable to an e-wallet as a way to ship and obtain cash.
It operates in Singapore, Malaysia, Cambodia, Indonesia, Myanmar, Philippines, Thailand and Vietnam. According to Crunchbase, the firm has raised over $10 billion, together with from SoftBank’s Vision Fund.
In order to go public, Grab has chosen to merge with a SPAC named Altimeter Growth Corp. A SPAC is a publicly-traded blank-check firm primarily based in the U.S. Going public via this course of must be a lot simpler for Grab — particularly as a result of it’s a overseas firm.
If the deal goes via, it might be the world’s largest SPAC merger. Grab can be listed on NASDAQ beneath the image ‘GRAB’.
Part of the announcement, Grab has shared some metrics and a few huge numbers. In 2020, the firm managed to generate round $12.5 billion in gross merchandise worth (GMV). The merger would worth Grab at .
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6 billion and the firm would maintain $4.5 billion in money.
The firm thinks there’s nonetheless a number of room to develop when it comes to meals supply and on-demand mobility in Southeast Asia. It expects to see the whole addressable market soar from $52 billion to $180 billion by 2025.
“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,” Grab co-founder and CEO Anthony Tan stated in the announcement.
“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,” he added.
Altimeter has agreed to a three-year lockup interval for its sponsor shares, which implies that Altimeter ought to stay dedicated to the firm for some time.