Grab Seeking to Raise $4 Billion From U.S Listing

Singapore leading ride hailing, digital payment and food delivering company Grab Holding Inc is aiming to raise $4 billion from its NASDAQ listing after merging with a special purpose acquisition company (SPAC).

Grab will be merging with a SPAC backed by Altimeter Capital Management, a Silicon Valley investor and this could go down as the largest United State initial public offering by a Southeast Asia company.

The company doubled its market value to $40 billion in 2020, several months later nine year old Grab is signing the world’s largest SPAC deal

A research partner of Aequitas Research, Sumeet Singh, says the U.S listing of Grab is high on ambition and very high on valuation further adding that the company’s enterprise value to revenue multiple of nine for 2022.

This valuation is similar to that of United States based online food ordering and delivery platform DashDoor Inc. (DASH). “Grab is part Uber and part DoorDash and should be valued as such,” said Singh.

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