Grab to start trading on Nasdaq after world’s biggest Spac deal


Singapore-based grab will open trading on Nasdaq on Thursday after signing a record $ 40 billion Merger agreement With a blank check company.

Southeast Asia’s SuperAppli, the region’s most valuable technology company, offers food delivery, ride-hailing and financial services. We have received support from global investors such as T Rowe Price, Temasek, BlackRock, Fidelity and Mubadala.

CEO Anthony Tan said Grab’s SuperAppli strategy, which provides a variety of services in the app, is another group that focuses solely on ride-hailing services and food delivery during a pandemic. He said he was more resilient than that. Stock prices for Uber, Deliveroo, Lyft and others have fallen by double digits since the summer.

“When mobility goes down, food goes up. Digital payments go up. If Vietnam goes down, Indonesia goes up. It’s a regional superappli that caters to everyday needs. It’s the beauty of things, “says Tan.

Some analysts have questioned whether the listing will take place this year. Grab announced a merger agreement with special-purpose acquisition company Altimeter Growth in April, just as regulatory scrutiny began to ease the pandemic boom in the Spac market.

The transaction was then postponed so that Grab could audit the account for the last three years.

In addition, Grab worked on the spread of delta coronavirus variants over the summer in many major markets, including Indonesia and Vietnam. Reduce revenue Predict a few times.

Nonetheless, the unprofitable grab was able to take advantage of investors’ interest in digital transformation in Southeast Asia to successfully trade the world’s largest Spac. Shareholder redemptions (investors who chose to opt out) were nearly zero.

Tan, 60.4% of voting rights While owning only 2.2% of the newly listed companies, the Spac route says it was the right route. “We needed to fix the rating early. We needed to fix the best day 1 cap table,” he said.

Altimeter Capital partner Chris Conforti said many bubbles have emerged from the Spac market as a result of “unscrupulous activity.”

Altimeter has invested $ 750 million in so-called private investments in public equity transactions called pipes, which formed part of the transaction. This move is described as one of the simple fixes that may be beneficial to the Spac market.

“Spac sponsors need to put some money into the pipe …. The sponsor’s promotion needs to be locked. I don’t think you should just be able to leave with it. Short term and Long-term adjustments are needed, “he said, arguing that the grab could hold up as a model.

Still, Altimeter Growth’s share has fluctuated since Grab’s deal was announced. Analysts said this was likely to be mitigated.

“one time [Altimeter Growth Corp] Start trading as a grab. This will change. It is traded as a basic business, not as a function of the Spac market, “said Nirgunan Tiruchelvam, an analyst at Tellimmer. “Southeast Asia is on the verge of a tech boom, and grabs are at the heart of the story.”

Grab to start trading on Nasdaq after world’s biggest Spac deal Source link Grab to start trading on Nasdaq after world’s biggest Spac deal

The post Grab to start trading on Nasdaq after world’s biggest Spac deal appeared first on California News Times.

Source link


Please enter your comment!
Please enter your name here

Share post:


More like this

Biden “Inherited a V-Shaped Resurgence from President Trump and Turned It into a Crisis”

Larry Kudlow called it straight.  He called Biden a...

CEL Token Plunges as Celsius CEO Resigns

Alex Mashinsky's resignation came after the embattled crypto lending...

Cardano: 27 September is another ‘big’ date for the community. Here’s why…

Cardano , one of the most developed ecosystems underwent...