Grab muses about secondary Singapore listing after record $40bn SPAC merger

by   |  VIEW 2017

Grab muses about secondary Singapore listing after record $40bn SPAC merger

Grab Holdings, the Singapore-based Southeast Asian ride-sharing and food delivery giant offering services in eight countries, had been contemplating a potential secondary listing at its home market in Singapore, marking off an ambitious, yet robust move to capitalize on a soaring global equity market, at least three sources familiar with the issue had unveiled later this week on condition of anonymity given the scale of sensitivity of the subject-matter.

In point of fact, latest move from Grab Holdings came forth just days after the company was taken public in the United States following a record $40-billion SPAC (Special Purpose Acquistion Company) merger with Altimeter Growth Corp., while Grab’s recent approach to get listed on its home market would enable the ‘household brand’ in Southeast Asia to develop a strong investor base closer to its key business HubSpots, handing out an easier way for Grab’s customers, merchants and drivers to access its shares.

Singapore’s Grab mulls secondary listing in home market

Besides, neither Singapore stock exchange nor Grab had agreed to comment over the subject-matter, however, a press agency report had quoted one of the sources as saying that the Southeast Asia’s largest ride-sharing and food-delivery giant had been in an advanced staged talk of a secondary listing at its home market.

On top of that, latest media topline underscoring a potential secondary listing of Grab at its home market came forth at a time, while major Asian equity markets were flying higher, riding on the back of a whooping 18.3 per cent first-quarter growth in Chinese economy that spurs up hope of a solid economic rebound in the region.

Meanwhile, citing an out and out optimism over Grab’s latest move to get listed in Singapore Stock Exchange, a capital markets and M&A partner at law firm Rajah & Tann Singapore, Raymond Tong said, “For the right issuer, a secondary listing could well be a good move.

You can get the best of both worlds. If your home markets are in this region, a Singapore listing can help you tap another pool of investors as there are many family offices and funds based in Singapore.