Grab Holdings has agreed to a US$39.6 billion (RM163.5 billion) merger deal with US-based special purpose acquisition company (SPAC) Altimeter Growth Corp, paving the way for an initial public offering (IPO) and NASDAQ listing later this year, under the ticker GRAB. The deal is also a record-setting one, surpassing Lucid Motors’ US$24 billion (RM99.1 billion) deal struck with a SPAC earlier this year.
The merger would make the ride-hailing and food-delivery provider the first Southeast Asian tech startup to go public through a SPAC. It would also give it funds to expand. Grab, whose valuation has more than doubled over the past 18 months, will receive about $4.5 billion (RM18.6 billion) in cash as part of the deal.
The company, which began life in Malaysia as a taxi-hailing app provider in June 2012, expects its addressable market to expand to more than US$180 billion (RM743.4 billion) by 2025, up significantly from US$52 billion (RM14.8 billion) in 2020. Grab, which is now based in Singapore and has business operations in eight countries, recorded $12.5 billion (RM51.6 billion) in gross revenue last year.
As news reports indicate, the deal is a remarkable win for Grab and its early investors, which include Japan’s SoftBank Group and China’s Didi Chuxing. Its business was severely impacted last year by the Covid-19 pandemic, and it had been negotiating a possible merger with Indonesia’s Gojek last year. However, discussions ultimately collapsed sometime in December, and Gojek began talks with Indonesian tech company Tokopedia.
Grab CEO Anthony Tan was especially chuffed about the deal. “I remember years ago when we were talking to investors, some folks didn’t even know where Southeast Asia was on a map,” he said in an interview. “The world is seeing the potential of Southeast Asia and how exciting this region is.”
So, whose pride is this? Malaysia or Singapore?
“GrabTaxi initially applied for financial grant from Khazanah Nasional, the sovereign wealth fund of the government of Malaysia. However, long internal checks and processes had caused Khazanah did not agree on a deal.[32] It was the Singapore government investment fund Temasek that had agreed to finance US$10 million into Grabtaxi. In the same year, the company moved its headquarter from Malaysia to Singapore.”
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You do realise Wiki articles are easily editavle by anyone right? Please link to more creditable source info
It’s editable for sure but for all the reason in the world, why would someone (even from the mentioned party) wants to falsify such information? It’s not going to benefit them in any way. To brag “you know, Grab was from Malaysia..”. I mean, so what? We Malaysian like to indulge about something in the past and unrelated to us.
Singapore due termasek will to offer loan when he ask, our khazanah rejected it.
Our khazanah made the right decision becos its the rakyat money. Not advisable to simply give out loans, unless Proton, MAS or Pos Msia.
Kudos to khazanah for being firm. Rakyat terjaga
Proton under DRH-HiCom, making loss until Geely brought their Technology in. MAS airline, backrupt for few times already and still making loss despite changing management team for few times. Pos Malaysia, again, making loss since 2019 and the lastest quarter (2020Q4, loss of 232.3 mil), rakyat terjaga¿ Tu lah, bila x pandai buat business,jgn buat pandai sgt. Khazanah being firm, kepala bapakau. Jual Silterra, Jual sini, jual sana sebab ape, sbb investment gagal. Thank god, Grab is SG’s success, nth gt to do with Malaysia. Malaysia better be firm as always so that SG can always benefit from all these brains from Malaysia. We love Malaysian Chainissss muakkk, come to out countryyyyyy.
Bravo to Grab another Malaysia true success story! What started off from a tiny storeroom in Segambut that is out of the way in sub-district of Malaysia and the founder used it because it was for free. For 6 months, they worked on their idea in that storeroom. From humble myteksi in 2012 and now, RM163.5B blockbuster!! Syabass!!
You see,the founders of Grab..Anthony Tan & Co,so blardy humble.No datukship,no honorifics,just sheer brilliance and hard work.No lunsi,unlike some VVIPs with honorifics,one of whom is wanted by PDRM and Interpol.
Now,it is ” ciak ka liao” in Hokkien…volup the competition cukup,cukup.(makan habis habisan)
This young Malaysian mauverick will soon surpass Robert Kuok very soon!!!
Humble my arse, sorry but he is no rags to riches story aka Jack Ma, more like rich to richer story aka Elon Musk.
Money makes money and it is no brainer for a lot of money to make even more money.
GRAB RM163.5 billion market cap > Cimb 42b + Maybank 95b + Rhb 21b. Rider2 seronok la.
The founder was bankrolled by Tan Chong Group. Being an heir to a rich family, the path to success is no surprise.
Naza huge success too..Being an heir to a rich family, the path to success is no surprise.
started in Malaysia, growing in Singapore. Think deeply why it is a Singaporean company now.
Think deeply, Grab still unprofitable. much like Tesla.
So why is investors are investing in Grab and not to a nasi lemak gerai that made rm80 profit daily?
Hmmm whatever reason. Definitely not bcuz 30% local equity ownership , but is a wrong move Grab mgmt ppl.
Still thinking deeply why you call it a Sinkie company when it is not. Still thinking….. still thinking…
Probably the only company without any US presence that is trying to access Wall Street. How long will it last or even will the regulators allow it to happen?
it’s merging with a US-based SPAC, no?
MOL Global Inc, the first Malaysian company to be listed on the Wall Street making the country proud.
Stop trying to claim the glory. If Malaysia policoes are supportive, Grab wouldn’t have needed to relocate to Singapore. Face the fact. The policies here in Malaysia are just not attractive for a startup to blossom, and in this case, a unicorn. Qudos to Grab if the IPO is successful.
Their HQ of operations are still here, the only reason why they relocated to SG is for IPO purpose lah. Sorry la sinkie but you can’t steal this homegrown pride from us. Enough you stole our laksa dy.
Stop being delusional. Every time a Malaysian makes it big overseas, you glorify them but the fact remains that Malaysia did nothing to support their growth as individual or as a company. Grab having an operational HQ in Malaysia does not mean they are a Malaysian company. They are a Singapore company founded by Malaysians.
Extracted from Wikipedia:
“GrabTaxi initially applied for financial grant from Khazanah Nasional, the sovereign wealth fund of the government of Malaysia. However, long internal checks and processes had caused Khazanah did not agree on a deal. It was the Singapore government investment fund Temasek that had agreed to finance US$10 million into Grabtaxi. In the same year, the company moved its headquarter from Malaysia to Singapore.”
Because he applied to the wrong fund. Khazanah does not invest into private entities without Cabinet approval as it is beholden to the Cabinet hence the redtape. He should have asked from PNB which has looser rules governing investments. Let me remind you, Grab Taxi already has presence BEFORE they moved to Sinkie so stop putting down Malaysia. Without Malaysian supporting Grab Taxi and Grab Ride, his business would have collapsed long before it became a Sinkie affiliated. His saving grace was the fortunate pull out by Uber before the move, otherwise it would remain a small Malaysian local brand and you folks in Sinkie wouldn’t hae cared. Anthony Tan is Malaysian, Grab is born in Malaysia.
Sorry but you can’t take this from us.
Grab. Is. Malaysian.
Malaysia did nothing to support their growth? What, did his business suddenly became a billion dollar ipo out of thin air if us Malaysians never use their services? Look who is being delusional.
We are always the exporter of unimaginable talents. If it were in Malaysia. Force take over by khazanah.
Dap la fitnah kata grab ni rosmah punya. Dah merajuk dorang lari ke singapore
Grab was funded by cradle fund so it’s a Malaysia co… not too late to make a similar local superapp called it “KEBAS” for grab.
Started in Malaysia, so proud meh? Singapore cilok, give PR to Anthony. Move to Singapore. Everytime Grab make profit, now Singapore get the tax. Anthony also pay tax to Singapore. This is what Singapore did, give PR to talented and brain people. Not like Malaysia PR for rohingyas, indonesians, pakistanis,bangladeshis so on and so fourth.
Then why dont you move there if you feel so entitled to have such superior attitude to others?