Get App
Download App Scanner
Scan to Download
Advertisement
This Article is From Dec 03, 2021

Grab’s U.S. Trading to Start Dec. 2 After SPAC Deal Closes

Grab Holdings Inc.'s merger with U.S. blank-check company Altimeter Growth Corp. has closed, setting the stage for the Southeast Asian ride-hailing and delivery giant to debut on the U.S. stock market on Thursday. 

Shareholders of Altimeter Growth, the special purpose acquisition company of Brad Gerstner's Altimeter Capital Management, voted to approve the $40 billion deal this week. The combined entity will start trading on the Nasdaq under the ticker GRAB, according to a filing Wednesday.

This week's deal is the culmination of a year-long effort to take the Singapore-based company public. Grab and Altimeter Growth announced the deal in April, initially expecting the deal to close in July.

“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,” Chief Executive Officer Anthony Tan said in the statement.

Grab, founded in 2012, still loses money. Its third-quarter loss widened to $988 million from $621 million a year earlier, while revenue declined about 9% to $157 million.

©2021 Bloomberg L.P.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.

Newsletters

Update Email
to get newsletters straight to your inbox
⚠️ Add your Email ID to receive Newsletters
Note: You will be signed up automatically after adding email

News for You

Set as Trusted Source
on Google Search