The Singaporean multinational ride-hailing company and Southeast Asia’s leading superapp, Grab Holdings Inc. (“Grab”), has announced to go public with U.S. in partnership with Altimeter Growth Corp . (Nasdaq: “AGC”).
This merger is expected to be one of the largest-ever U.S. equity offering by a Southeast Asian company.
The proposed transactions value Grab at an initial pro-form a equity value of approximately US$39.6 billion at a PIPE size of more than US$4.0 billion and will provide Grab with approximately US$4.5 billion in cash proceeds.
Grab is a superapp dedicated to serving everyday needs and everyday entrepreneurs. It offers services across mobility, deliveries, financial services and more, in an all-in-one app.
Anthony Tan, Group CEO and Co-founder, Grab 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. It was very challenging for us too, but it taught us immensely about the resiliency of our business,”
“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.”
Brad Gerstner, Founder and CEO, Altimeter said:
“As one of the world’s largest and fastest-growing internet companies, Grab is paving the digital path forward for the 670 million citizens of Southeast Asia,”
“We are thrilled that Grab selected Altimeter Capital Markets as their partner to go public and even more excited to become sizable long term owners in this innovative, mission driven company.”
Altimeter commits to a three-year lock-up period for its sponsor promote shares, 10% of which will go to the recently announced GrabForGood Fund to support programs with long-term social and environmental impact.
