Grab may list in US by early December as SPAC deal set for shareholder vote

Singapore unicorn Grab could list in the US by early December after the special purpose acquisition company (SPAC) it plans to merge with said it will vote on the proposed deal next week.

Altimeter Growth Corp., the SPAC in question, will hold an extraordinary general meeting on Nov. 30, U.S. time, to seek shareholder approval for the merger. Grab will hold its own EGM by the same date. Assuming both sets of shareholders approve, Grab could complete the merger and make its public debut on Nasdaq.

In a regulatory filing dated on Friday, Altimeter Growth encouraged shareholders to approve the proposal, saying the U.S. Securities and Exchange Commission had declared Grab’s registration statement “effective,” thereby clearing the way for the deal.

Grab CFO Peter Oey said on Nov. 11 during the company’s third quarter results webcast, “Subject to obtaining approval at the EGMs, we will then be in a position to proceed to close the business combination with Altimeter Growth Corp. and be publicly listed within a few days.”

Grab has said it would complete the listing during the fourth quarter of the year, after postponing once from the original target of the third quarter.

A prominent homegrown tech startup in Southeast Asia, Grab’s listing would provide U.S. investors with a fresh opportunity to invest in a fast-growing region that has been underrepresented in the global stock market.

Grab’s market valuation will be closely monitored, as it could be a benchmark for valuation of other Southeast Asian startups planning to go public in the U.S. in the near future. Altimeter Growth valued the Singapore company at nearly $40 billion when they announced the merger deal in April.

Grab will receive $4.5 billion through the deal including a $4 billion private investment in public equity, or PIPE.

According to its filings, Grab CEO Anthony Tan will become chairman and CEO of the new company, while his co-founder Tan Hooi Ling will be chief operating officer and director. The company will have four independent directors, including Uber Technologies CEO Dara Khosrowshahi.

Founded in 2012, Grab offers services such as ride-hailing, food delivery and mobile payment in a one-stop app under what it calls a “superapp” strategy. It is focused on Southeast Asian markets and operates in Singapore, Malaysia, Indonesia, Vietnam, Thailand, the Philippines, Cambodia and Myanmar.

The company reported a net loss of $988 million for the three months through September, versus a $621 million net loss in the same period last year.

The article was first published on Nikkei Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.