Grab Bell Ceremony
Bell Ceremonies

Nasdaq Welcomes Grab, the Largest Foreign SPAC Combination

On Thursday, @Nasdaq welcomed Southeast Asia’s leading super app @Grab, which went public via special purpose acquisition company (SPAC) Altimeter Growth Corp. (AGC), including $4.5 billion in fundraising for Grab and becoming the largest SPAC combination outside of the U.S.

On Thursday, Nasdaq welcomed Southeast Asia’s leading super app Grab, which went public via special purpose acquisition company (SPAC) Altimeter Growth Corp. (AGC), including $4.5 billion in fundraising for Grab and becoming the largest SPAC combination outside of the U.S. Founded as a ride-hailing service, Grab has evolved into a cutting-edge technology company offering not just food delivery, but mobile payment and fintech, telemedicine, ride-sharing services, and more.

Grab, which has a $40 billion market cap, joins an extensive list of record-breaking listings this year on Nasdaq, including the largest initial public offering (IPO), with Rivian (RIVN), and the largest direct listing with Coinbase (COIN).

Grab celebrated going public with a remote bell-ringing ceremony in Singapore, Nasdaq’s first in Southeast Asia. Grab CEO and Co-founder Anthony Tan hopes Grab will bring more attention to the Southeast Asian market, an area he believes is ripe for opportunity.

“We truly believe this is Southeast Asia’s time to shine, and we hope that our entrance into the global public market will help bring greater attention to the tremendous opportunity here in the region,” said Tan.

Grab’s journey to one of the most valued companies in all of Southeast Asia started with making the taxi service easier safer in Malaysia. Before Grab, Malaysia was notorious for unlicensed cabs overcharging for their rides. The app, first named MyTeksi, allowed commuters and tourists to digitally request a taxi instead of hailing one. Now, Grab operates in eight countries across Southeast Asia.

But even with its lofty accomplishments, Grab remains grounded in its mission to serve the Southeast Asian people and put the region on the map of global business.

“Our calling remains the same - to unlock greater opportunity for all Southeast Asians to participate in the digital economy,” said Tan.

This approach is key to Grab’s continued success. When COVID-19 quarantined most of the world, street vendors, which make up most of the food market in Southeast Asia, were effectively out of a job. In 2020, Grab brought 600,000 small businesses online with their app, bringing delicious food to the locals and keeping the street markets alive.

“Our evolution into a super app was guided by the everyday problems we wanted to solve for the people we care about,” said Tan.

Going forward, Grab will continue to create useful and innovative technology that serves Southeast Asian communities. Next year, it plans to launch a digital bank in Singapore and a mapping service.

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