'Southeast Asia's Uber' Listed on US Nasdaq... Trading Starts on the 2nd

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[Asia Economy Reporter Yujin Cho] Grab, a ride-hailing platform known as the "Southeast Asian Uber," is set to be listed on the U.S. Nasdaq market on the 2nd (local time) through a merger with a Special Purpose Acquisition Company (SPAC).

According to Bloomberg News, Grab's stock will begin trading under the ticker symbol 'GRAB' starting that day. Headquartered in Singapore, Grab previously merged with the SPAC 'Altimeter Growth,' launched by the U.S. investment firm Altimeter, to go public.

Anthony Tan, Grab's Chief Executive Officer (CEO), stated, "The initial public offering (IPO) in the global market will serve as an opportunity to draw attention to the tremendous potential of the Southeast Asian region."

When Grab announced its merger with Altimeter SPAC last April, it was valued at up to $40 billion (approximately 45.32 trillion KRW).

Founded in 2012 as a ride-sharing business, Grab rapidly grew to become the number one company in Southeast Asia after acquiring Uber's Southeast Asian operations in March 2018.

Currently, it provides services in eight countries including Singapore, Malaysia, Indonesia, Thailand, and Vietnam, and has grown into a comprehensive economic platform encompassing finance, payments, shopping, and insurance subscriptions. In 2017, it received a $1 billion investment, with Japan's SoftBank as a major investor.

According to the securities registration statement submitted that day, Grab posted a net loss of $988 million (approximately 1.16 trillion KRW) in the third quarter of this year, widening its deficit compared to the same period last year.

Amid chronic losses, Grab lowered its revenue forecast for this year in September, citing movement restrictions due to the resurgence of COVID-19.

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