Singapore-based ride-sharing giant Grab mulls $2 billion US IPO

by   |  VIEW 1339

Singapore-based ride-sharing giant Grab mulls $2 billion US IPO

Grab Holdings Inc., the Singaporean multinational ride-hailing and online food delivery start-up had been contemplating a US public listing earlier this year, largely aimed at joining a string of tech start-ups which had benefitted from the strongest US IPO market in almost half a decade, a press agency report published late on Monday had unveiled citing three unnamed sources familiar with the subject-matter.

Apart from that, the press agency report had also quoted two of the sources as saying that a planned IPO (Initial Public Offerings) for Grab Holding Inc., mostly encouraged by a solid investors’ appetite for newer shares in the Wall Street following a lacklustre 2020, could raise at least $2 billion which in effect would remark the largest overseas public offerings ever for any Southeast Asian company, while one of banking sources familiar with the issue said, “The market is good and the business is doing better than before.

This should work well for public markets”.

Grab’s US IPO timing & size would be subject to market condition

On top of that, the report had also stated that the timing and size of a billion-dollar US public market listing for Grab, the eight-year-old Singaporean tech titan having had 6,000 employees across the globe, would likely to remain subjected to market conditions.

Notably, since its establishment back in the 2012s, the ride-sharing and online food delivery giant with subsidiaries likes of GrabWheels and Bento Invest Pte Ltd, had expanded rapidly in a swathe of South Asian countries ranging from Malaysia to Japan, valued over $16 billion in less than a decade.

In tandem, Grab, the South-east Asian online food delivery giant which had recently snatched up a lucrative license to launch its own digital payment services in the region, has been backed by a number of big-league tech investment tycoons likes of Japan’s SoftBank alongside Mitsubishi UFJ Financial Group.