SINGAPORE: Grab Holdings, Southeast Asia's ride-hailing to delivery giant, is considering a secondary listing in its home market of Singapore after completing aListing on the Singapore Exchange would enable Grab to have an investor base close to where its regional business is based, the sources said, potentially offering its customers, drivers and merchant partners easier access to trade its shares.
Grab, which began as a ride-hailing business in 2012, now operates in eight countries and more than 400 cities, and has expanded into food and grocery deliveries, as well as digital payments. Last year, it won a digital banking licence in Singapore. The SGX has mainly only seen large IPOs from real estate investment trusts. Hindered by a small base of retail investors in the country, it has struggled with low liquidity and valuations, forcing a spate of delistings and also discouraging big-ticket listings from regional high-growth companies.
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.
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