Get ready for the opening of the Nasdaq on December 2

Delivery giant and superapp To catch is preparing to make its Nasdaq debut under the GRAB ticker on Thursday, December 2 in a live ringing ceremony in Singapore.

Southeast Asia’s most valuable startup, Grab’s record-breaking public offering with special purpose acquisition company (SPAC) Altimeter Growth values ​​the company at $ 40 billion.

Under the SPAC deal, Grab is set to secure $ 4.5 billion in cash, including $ 4 billion in private investments managed by Morgan Stanley, BlackRock, Singaporean holding company Temasek, Fidelity, Altimeter and T. Rowe Price, according to Business Insider. .

See also: Altimeter SPAC goes public in Mega New York list

Co-founded by Anthony Tan, who acts as CEO, and Tan Hooi Ling, COO, Grab started as a ridesharing platform in 2012 and has since evolved into a technology platform offering food delivery, payments, insurance, investment, telemedicine, travel reservations hotel and other services for consumers and traders.

The company has seen demand for some of its services soar during the pandemic and posted a gross cargo volume of $ 12.5 billion last year, more than double the level of 2018. In September, Grab had nearly 25 million monthly users and a workforce of around 7,000. The company is present in 400 cities in eight countries in Southeast Asia: Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Read more: Grab To Go Public at Colossal $ 40 Billion Valuation

Grab’s biggest backers include SoftBank, Uber, and Toyota. The company was in talks with JP Morgan Chase & Co. and Morgan Stanley to strike a SPAC merger deal.

During a conference call in the third quarter, Tan told investors that the intensifying pandemic has resulted in severe lockdowns in the eight markets in which Grab operates. Vietnam in particular had strict controls on public transport and food delivery.

Grab GrabMart’s on-demand daily freight service volume for the third quarter of this year almost quadrupled compared to the same period in 2020 and increased by 78% compared to the second quarter of 2021.

You can also take advantage of:

——————————

NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

On: It’s almost time for the holiday shopping season, and nearly 90% of American consumers plan to do at least some of their purchases online, up 13% from 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers to learn more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

Source link

About Clayton Arredondo

Check Also

California company to pay $1.5 million for illegally obtaining financial data from millions of consumers

A Santa Monica company that allegedly tricked millions of consumers into providing sensitive information under …