KUALA LUMPUR – Southeast Asian giant Grab Holdings Ltd officially made its foray into Wall Street this evening, kicking off its debut with the first-ever opening bell ceremony of the New York-based Nasdaq to be hosted in the region.
Grab (Nasdaq: GRAB) co-founders Anthony Tan and Tan Hooi Ling were joined onstage by a group of the company’s driver, delivery, and merchant partners at a satellite event in Singapore at about 9.45pm today, following its estimated US$40 billion (RM168.8 billion) special purpose acquisition company (SPAC) merger with US-based Altimeter Growth Corp.
At around 9.30am New York time, Grab’s Nasdaq Last Sale (NLS) share price opened at US$13.00.
According to a press release by Singapore-based Grab, the partners had leveraged on its digital services to support livelihoods and grow businesses.
The founders and partners were also joined by other Grab employees, many of whom have been with the company since more than six years ago, and who were pivotal to the company’s rapid expansion in Southeast Asia as well as its services during lockdowns brought about by the coronavirus pandemic.
According to Grab, the pioneering staffers joined the company when it was only offering ride-hailing services and operating in fewer than 30 cities.
Known internally as “Grabversauruses”, the company notes that long-time staffers have contributed to the company’s growth into a super-app that is now available in 465 cities.
Group chief executive Anthony said that following the listing, it is important for the company not to lose sight of its foundation.
“The heart and hard work of our Grabbers to serve our partners, and in turn, the dedication of our partners towards serving their customers…. that’s why we chose to hold the ceremony close to home… to be here, among our community, sharing the moment with them as we cross the threshold into a new chapter of our journey,” he said in a statement.
Earlier reports noted that the GRAB listing with US tech investor Altimeter is looking to raise US$4.5 billion, of which US$750 million would come from Altimeter.
Grab, which launched in 2012, became the largest ride-hailing firm in Southeast Asia, with operations in eight countries in the region and Japan. – The Vibes, December 2, 2021
