Initial Public Offering
General info on Grab
About the company
NameGrab Holdings Inc
IndustryTechnology, Transportation, Food Delivery
IPO file date-
No. of shares-
Founded in 2021, Grab Holdings Inc., commonly known as Grab, is Southeast Asia’s largest startup, having a private valuation that exceeds $16 billion. After it initially made its debut as a taxi-hailing service, the company expanded into food and grocery delivery, digital payments, lending, and other financial services. It refers to itself as being “a super app.” Grab is also the first Southeast Asian “decacorn” and as of June 2020 it’s used by more than 187 million people.
Grab is headquartered in Singapore, and it operates across eight countries and 350 cities. Its biggest market in Southeast Asia is Indonesia.
The biggest Southeast Asian ride-hailing and food delivery company will go public in the US through a merger with special-purpose acquisition company Altimeter Growth Corp, securing a valuation of $35 billion.
The deal will be the largest ever blank cheque agreement. Moreover, Grab is said to raise $2.5 billion in a private investment deal.
According to Grab, the shares purchased by Altimeter will be subject to a three-year lockup period, significantly longer than similar transactions, highlighting the confidence in the start-up's long-term potential.
So far, Grab managed to raise roughly $12 billion from investors such as SoftBank Group, MUFG, and Didi Chuxing. Among its shareholders are Uber Technologies, Booking Holdings, Microsoft, Tiger Global, and many more.
According to its latest figures, Grab gained investors’ trust with an adjusted net revenue for 2020 of $1.6 billion. The company expects it to reach as much as $4.5 billion in 2023.
Moreover, in 2020, its gross merchandise value reached $12.5 billion, higher than pre-pandemic levels and more than double what it reported in 2018.
Grab: what you need to know
· Its net revenue surged 70% in 2020 to $1.6 billion
· The Grab and Singapore Telecommunications consortium had been awarded a digital banking license in Singapore
· It was Asia’s first company to launch the numberless payment cards in partnership with Mastercard
Sources: cnbc.com, cnn.com, reuters.com
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