SE Asian tech giant Grab’s shares fizzle on Nasdaq debut

Grab's CEO Anthony Tan and co-founder Tan Hooi Ling gesture on stage as they attend the Grab Bell Ringing Ceremony at a hotel in Singapore, December 2, 2021. REUTERS/Caroline Chia

Shares of Southeast Asian technology giant Grab rose 18.5% on its US market debut on Thursday, opening at $13 per share but fell during the rest of the day, closing 20.5% lower at $8.75.

Grab went public on Thursday morning eastern time on the NASDAQ under the ticker GRAB following its record $40-billion merger with special purpose acquisition company Altimeter Growth Corp. Grab became only the second SE Asian tech major to go public in the US.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter