Grab goes public in $40B SPAC deal, slides in market debut

By ZEN SOO
Associated Press

HONG KONG (AP) — Southeast Asia’s largest ride-hailing company Grab tumbled in its market debut Thursday, following a $40 billion merger in a special purpose acquisition company deal. The Singapore-based company Nasdaq debut came more than seven months after it announced plans to merge with U.S.-based Altimeter Growth Corp in a SPAC. The company began trading under the ticker “GRAB.” Grab’s listing is the largest U.S. listing by a Southeast Asian company, allowing Grab to raise $4.5 billion in cash proceeds. In midday trading shares slid 15%.