logo
Plus   Neg
Share
Email

Singapore's Superapp Grab To Go Public In U.S. In Partnership With Altimeter

Grab Holdings Inc., a Singapore-based superapp for deliveries, Tuesday said it intends to go public in the U.S. in partnership with Altimeter Growth Corp. (AGC), a special purpose acquisition company..

Pursuant to the proposed transactions, Altimeter Growth and Grab will become subsidiaries of a new holding company. The combined company is expected to have an equity value on a pro-forma basis of around $39.6 billion.

At closing, the combined company is expected to receive approximately $4.5 billion in cash proceeds, including more than $4.0 billion from a fully committed PIPE offering.

The deal is expected to be the largest-ever U.S. equity offering by a Southeast Asian company. The combined company expects its securities will be traded on NASDAQ under the symbol "GRAB" in the coming months.

The proposed transactions, which have been approved by the boards of directors of both Grab and Altimeter Growth, are expected to close in the coming months, subject to shareholder approvals, and other customary closing conditions.

Grab offers services across mobility, deliveries, financial services and more, in an all-in-one app. Across online food delivery, ride-hailing and digital wallet payments, Grab expects its total addressable market to grow from approximately $52 billion in 2020 to more than $180 billion by 2025.

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."

For comments and feedback contact: editorial@rttnews.com

Business News

RELATED NEWS
Follow RTT