Grab debuts on Nasdaq, sets tone for Southeast Asian tech listings

Southeast Asia’s biggest ride-hailing and delivery firm, Grab makes its market debut on Thursday.

Grab would list on the Nasdaq after a record $40 billion merger with a special purpose acquisition company (SPAC).

Grab’s rivals, Sea and Indonesia’s GoTo Group, are also bulking up.

Southeast Asia’s internet economy is forecasted to double to $360 billion in gross merchandise volume by 2025.

Grab was founded by Anthony Tan, its chief executive, and Tan Hooi Ling, who developed the firm from an idea for a Harvard Business School venture competition in 2011.

CEO Tan, 39, expanded Grab into a regional operation with a range of services, after launching as a taxi app in Malaysia in 2012. It later moved its headquarters to Singapore.

Grab’s early backers include SoftBank Group Corp and Chinese ride-hailing giant Didi Chuxing.

They were later joined by others, such as Toyota Motor, Microsoft, Japanese bank MUFG, and Uber.

Grab aims to turn profitable on an EBITDA basis in 2023.

Grab will begin trading on Nasdaq under the ticker symbol “GRAB.”


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