After more than a month of rumors, Grab Holdings today announced it intends to go public in the U.S. in partnership with Altimeter Growth in what is expected to be the largest-ever SPAC deal or U.S. equity offering by a Southeast Asian company.
The proposed transaction values Grab at an initial pro-forma equity value of approximately $39.6 billion, including a PIPE of more than $4 billion, and will provide Grab with approximately $4.5 billion in cash proceeds. Investors in the PIPE include funds and accounts managed or advised by BlackRock, Counterpoint Global (Morgan Stanley Investment Management) and T. Rowe Price Associates, as well as Fidelity International, Fidelity Management and Research, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek.
The combined company expects its securities will trade on the Nasdaq under GRAB once the deal closes in the coming months.
Altimeter management is committing to a three-year lock-up for its sponsor shares, 10 percent which will be contributed to the GrabForGood Fund to support programs with long-term social and environmental impact.
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. Read more.
