Monday, 19 Apr 2021 08:33 AM MYT
Grab, a household name across Southeast Asia, is in the early stages of considering a secondary listing in the city-state, said the sources, who declined to be identified as they were not authorised to speak about the matter.“For the right issuer, a secondary listing could well be a good move. You can get the best of both worlds,” said Raymond Tong, capital markets and M&A partner at law firm Rajah & Tann Singapore.
As part of the transaction, Grab is raising US$4 billion from investors including BlackRock, Temasek Holdings, Fidelity International, Malaysia’s Permodalan Nasional Bhd and some of Indonesia’s richest family groups. The company with the top valuation on the Singapore bourse is bank DBS Group Ltd, currently worth about S$74 billion by capitalisation.
The Hong Kong bourse, however, has benefited from diplomatic and political tensions between the United States and China that have led many Chinese firms to seek secondary listings in Hong Kong. Global fund managers have also been swapping China holdings from Wall Street to Hong Kong.
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