Grab Holdings and Traveloka are poised to become public companies in coming months, kickstarting a coming-out party for Southeast Asia’s long-overlooked internet scene, Bloomberg reports.
Grab will this week unveil a listing via a U.S. blank-check company that’s drawn backers from T. Rowe Price to Temasek Holdings Pte and values the ride-hailing giant at more than $34 billion, people familiar with the matter said. It is the largest-ever SPAC deal.
Indonesia’s Traveloka will follow suit, listing at a valuation of about $5 billion via a SPAC backed by billionaires Richard Li and Peter Thiel, other people with knowledge of the matter told Bloomberg. Terms on both deals could still change, the people said. Read more.
