Superapp Grab will begin trading on the Nasdaq today following the completion of its merger with Altimeter Growth Corp, a special purpose acquisition company (SPAC).
The deal raised US$4.5 billion in what is touted to be the largest U.S. public market debut by a Southeast Asian company.
Proceeds include a fully committed US$4.0 billion PIPE deal led by US$750 million from funds managed by Altimeter Capital Management, LP.
Other investors include funds and accounts managed or advised by BlackRock, Counterpoint Global (Morgan Stanley Investment Management), and T.Rowe Price Associates, Inc., as well as Fidelity International, Fidelity Management and Research LLC, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad, Temasek and K3 Ventures.
Family groups from Indonesia including Djarum, the Sariaatmadja family and Sinar Mas also participated.
Grab operates across 465 cities in 8 countries with 1 billion transactions completed in the first half of 2021.
According to App Annie, as of October 2021, the Grab app is installed on more than 40% of all smartphones in the Southeast Asia region
Grab reported that its total addressable market is expected to grow to more than US$180 billion by 2025 across online food delivery, ride-hailing, and e-wallet payments.
“We truly believe this is Southeast Asia’s time to shine, and we hope that our entrance into the global public market will help bring greater attention to the tremendous opportunity here in the region.
While there’s no doubt this is an exciting moment, we’re grounded in the knowledge that this is just day one. Our calling remains the same – to unlock greater opportunity for all Southeast Asians to participate in the digital economy.”
said Anthony Tan, Group CEO and Co-founder, Grab.
“Grab’s powerful flywheel combining ride-hailing, delivery and payments has demonstrated durable growth even during the pandemic and is playing a foundational role in the digitisation of Southeast Asia.
Altimeter is honored to partner with Grab on this significant milestone and as long-term owners to support their continued innovation, growth and economic impact.”
said Brad Gerstner, Founder and CEO of Altimeter.
