Southeast Asia’s Grab Mulls Public Filing In US Via SPAC

Southeast Asian delivery startup Grab Holdings Inc. is considering a public filing in the U.S. through a merger with a special purpose acquisition company (SPAC), Bloomberg reported on Wednesday (March 10) citing sources.

A SPAC, or blank check company, raises funds with a specific goal to acquire a private company and take it public. Backed by SoftBank, Grab is 's most valuable startup. Several unicorns in the region are mulling public filings via .

The move to go public follows Grab's unsuccessful deal to merge with rival . Gojek is now in merger talks with .

Singapore's Sea Ltd. became the region's most valuable company after 10 years in mobile gaming and eCommerce. The company raised $989 million going public in 2017 and now has a market value of $117 billion.

Grab recently launched a collaboration with the government to conduct drive-thru vaccination services in Indonesia. It is mandatory in Indonesia for people to get a single shot. The country wants to vaccinate 70 million people by August, which is about a third of the country's total target of 181.5 million.

Grab closed on a $2 billion, five-year loan facility as speculation grew that it was considering a public filing. The startup offers ride-sharing, delivery services and financial services. Grab has chosen and J.P. Morgan Chase as underwriters for a possible initial public offering that could be worth $2 billion.

Source: Southeast Asia's Grab Mulls Public Filing In US Via SPAC