Grab, Southeast Asia's largest ride-hailing and mobile payments company is finally going public.
Earlier today, shareholders of special purpose acquisition company (SPAC), Altimeter Growth Capital, voted in favor of the merger between the two companies.
The combined entity will begin trading on the NASDAQ stock exchangeeffective 2nd December 2021 under the stock ticker: "GRAB".
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Grab was founded in 2012 in Malaysia
Grab was founded back in 2012 by Anthony Tan and Tan Hooi Ling (not related).
The company started out with providing ride-hailing services in Malaysia, before eventually expanding across Southeast Asia and relocating its headquarters to Singapore.
It has since ventured into multiple other verticals, ranging from mobile payments, financial services, groceries, food delivery, among others.
Grab's 2021 revenues on the decline
As of Q3 2021, the company reported revenues of $157 million on the back of $4 billion in gross merchandise value (GMV).
GMV growth is up 32% year-on-year, despite the company citing a "challenging operating environment".
A large part of the company's slump in revenues was in the mobility sector, largely due to the global pandemic and severe lock-downs in Vietnam.
Upon listing, Grab will be valued at $40 billion.
“We truly believe this is Southeast Asia’s time to shine, and we hope that our entrance into the global public market will help bring greater attention to the tremendous opportunity here in the region,” Chief Executive Officer Anthony Tan said in the statement.