Grab went public via a SPAC merger with Altimeter Growth in a $39.6bn deal.

Grab Holdings, a Singaporean multinational ride-hailing company, went public via a SPAC merger with Altimeter Growth in a $39.6bn deal. The PIPE was led by funds managed by Altimeter Capital Management which committed $750m, with participation from funds and accounts managed or advised by BlackRock, Counterpoint Global - Morgan Stanley, and T.Rowe Price Group, as well as Fidelity International, Fidelity Management and Research, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek. Leading family groups from Indonesia including Djarum, the Sariaatmadja family and Sinar Mas also participated in the PIPE. “It gives us immense pride to represent Southeast Asia in the global public markets. This is a milestone in our journey to open up access for everyone to benefit from the digital economy. This is even more critical as our region recovers from Covid-19. It was very challenging for us too, but it taught us immensely about the resiliency of our business. Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability. As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds,” Anthony Tan, Grab Group CEO and Co-Founder.