Grab mulls secondary Singapore listing after U.S. SPAC merger

Southeast Asia’s ride-hailing to delivery giant,Grab Holdings is considering a secondary listing in its home market of Singapore after completing a Nasdaq listing via a $40 billion SPAC merger, sources have confirmed.

Listing on Singapore Exchange would enable Grab to have an investor base close to where its regional business is based.

This would offer its customers, drivers and merchant partners easier access to trade its shares.

Grab, a household name across Southeast Asia, is in the early stages of considering a secondary listing in the city-state, the sources said.

The potential Singapore listing plans come after Grab this week agreed a $40 billion merger with Altimeter Growth Corp., a special purpose acquisition company (SPAC), making this the world’s biggest SPAC deal.

Grab, which began as a ride-hailing business in 2012, now operates in eight countries and more than 400 cities and has expanded into food and grocery deliveries, as well as digital payments. Last year, it won a digital banking licence in Singapore.

It wasn’t clear how much Grab might aim to raise in any secondary listing, with financial terms and timetable still in the early stages of consideration, the sources said.

The company with the top valuation on the Singapore bourse is bank DBS Group Ltd, currently worth about S$74 billion ($55.4 billion) by capitalisation.


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