Ride hailing services are big in Southeast Asia too, and their version of Uber is in talks to go public through a merger with a SPAC that is going to potentially set an all-time record valuation for a SPAC IPO.
Grab Holdings Inc. is the company, it’s based in Singapore, and the potential deal with a SPAC affiliated with Altimeter Capital Management LP could put a $40 billion value on them according to the Wall Street Journal.
The deal could happen soon, sometime in March or early April, though there appears to be a solid Plan B in the works if needed too. If it it falls through with the SPAC, the company could go back to their earlier plan of having a traditional IPO in the U.S. sometime in 2021.
Grab Holdings does more than transport humans who need a lift. They also deliver groceries and other items, and they provide digital financial services to merchants as well.
SPAC’s are extremely hot right now. There have been over 240 IPO’s through SPAC’s in the past year along, by far the most common way for a company to go public now. SPAC’s make up 84% of the total number of IPO’s.