Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Uber rival Grab to list via SPAC merger

% of readers think this story is Fact. Add your two cents.


Grab, a South-East Asian startup backed by Japanese conglomerate SoftBank, is set to list in the US through a US$35bn merger deal with a special purpose acquisition company (SPAC).

The company, which offers a range of services including ride-hailing, food delivery and payment solutions, is reported to be on the cusp of finalising a merger deal with a SPAC owned by technology investment firm Altimeter Capital, through which it is predicted to raise around US$3.7bn.

READ: Deliveroo to face more pressure as riders plan strike on Wednesday

This would be added to the US$5bn that Grab already has in its cash reserves, while the unprofitable firm also reported 70% revenue growth in 2020 as its ride-hailing business broke even.

However, the company’s predicted US$35bn market cap will also leave it well short of similar firms such as Uber Technologies Inc (NYSE:UBER), which currently holds a market cap of around US$108bn.

Grab’s listing is a key test for the South-East Asian tech sector, which is aiming to offer international investors access to the heavily populated and growing consumer markets such as Vietnam, Thailand and Indonesia.

It will also continue a recent flurry of tech companies listing on both the New York and London markets, with varying degrees of success.

One of the more high-profile flops has been food delivery app Deliveroo Holdings PLC (LON:ROO), which has seen its share price tumble from its 390p IPO price to around 286.3p in lunchtime trading on Wednesday.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/945912/uber-rival-grab-to-list-via-spac-merger-945912.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.