Last December, ride-hailing and delivery giant Grab made history with its back door listing on the Nasdaq stock exchange. It was the biggest US listing by a Southeast Asian firm and also the world’s largest special purpose acquisition company, valued at $40 billion.
That evening, more than 200 investors, drivers and other employees gathered in a hotel ballroom in central Singapore to cheer the milestone as Grab expanded its global footprint, reports This Week in Asia.
The landmark listing came after Grab’s successful merger with blank-check company Altimeter Growth, joining a list of headline SPAC deals in the past year. Others involved EV start-up Lucid Motors and SoFi Technologies.
Listings of special purpose acquisition companies are gaining momentum in both Asian financial hubs, injecting life into the bourses – but will the buzz last?
Hong Kong will appeal to SPACs from mainland China, while Singapore offers an entry point to the Asia-Pacific, though stricter regulations may turn off some investors.
