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Southeast Asia’s most popular ride-share and food delivery app Grab has declared its plans to go public on the Nasdaq Stock Market in a deal that values it at nearly $40 billion USD.
The company announced its partnership with special purpose acquisition company Altimer Group on Tuesday, adding that it expected to raise over $4 billion USD from the transaction. The proposed deal hikes the company’s valuation to $39.6 billion USD and is expected to be the largest-ever U.S. offering by a Southeast Asian company.
“It gives us immense pride to represent Southeast Asia in the global public markets,” Grab CEO Anthony Tan said in a statement.”This is even more critical as our region recovers from COVID-19.”