SINGAPORE – South-east Asian ride-hailing and food delivery giant Grab Holdings is intending to go public in the United States through a merger with US-based Altimeter Growth Corp, it announced on Tuesday (April 13).
Its partnership is expected to be the largest-ever US equity offering by a South-east Asian company, with the proposed transaction valuing Grab at an initial pro-forma equity value of around US$39.6 billion (S$53.2 billion).
The merger is expected to provide up to US$4.5 billion in cash proceeds to Grab, the Singapore-headquartered company added in a press statement.
The combined firm expects its securities to be traded on the tech-rich Nasdaq Composite Index in the coming months.
Grab group CEO and co-founder Anthony Tan said: “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.”
Grab’s formal announcement on Tuesday comes after recent media reports that it was in talks with Altimeter on a special purpose acquisition company (SPAC) merger to list in the US.
The cash proceeds to Grab include more than US$4 billion from a fully committed private investment in public equity (PIPE), which was led by Altimeter Capital Management and include Singapore state investor Temasek and leading family groups from Indonesia.