Grab jump 18% in U.S. debut

Shares of Southeast Asian ride-hailing and delivery firm Grab rose 18% in their U.S. market debut on Thursday.

The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products.

In April, Grab agreeded to merge with U.S. tech investor Altimeter Capital Management’s SPAC, Altimeter Growth Corp and raise $4.5 billion, including $750 million from Altimeter.