Grab Holdings, Southeast Asia's ride-hailing to delivery giant, is considering a secondary listing in its home market of Singapore after completing a Nasdaq listing via a $40 billion SPAC merger, 3 sources familiar with the matter said.
The potential Singapore listing plans come after Grab this week agreed to a $40 billion merger with Altimeter Growth Corporation, a special purpose acquisition company , making this the world's biggest SPAC deal. The company with the top valuation on the Singapore bourse is bank DBS Group Ltd, currently worth about S$74 billion by capitalization.One of the sources said that while Grab has sufficient cash reserves and could end up raising only a small amount on SGX, a listing would mark a big win for the exchange.
SGX has taken many steps to try to bulk up its stock market in recent years, and under Chief Executive Loh Boon Chye, who was appointed six years ago, it has acquired firms to transform itself into a multi-asset exchange.