SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY) backed Southeast Asian ride-hailing, and delivery giant Grab Holdings Inc seeks to accelerate its U.S. listing via SPAC merger, Bloomberg reports.
- JPMorgan Chase & Co (NYSE: JPM) and Morgan Stanley (NYSE: MS) are already guiding Grab on its IPO ambitions and working towards identifying potential SPACs for the merger. However, the company has not ruled out the possibility of a U.S. listing via a traditional IPO.
- Merging with a SPAC would enable Grab to fast-track its listing process compared to a traditional IPO. Several of the region’s tech unicorns, including Traveloka, are preparing to go public via the SPAC route capitalizing on the popular sentiment.
- Sea Ltd.’s decade-long journey from a fragmented start-up to Southeast Asia’s most valuable company has stimulated many internet companies in the region to tap the capital markets to finance their expansion. The Singapore-based mobile gaming and e-commerce specialist went public in the U.S. in 2017 after raising $989 million and presently commands a market value of $117 billion.
- Grab’s listing is preceded by the failure of its merger plans with Indonesian rival Gojek.
- Gojek is currently contemplating a merger with local e-commerce pioneer PT Tokopedia leading to a powerful player in online services that might go public in the future.
- Price action: SFTBF shares closed higher by 5.58% at $94.16 on Tuesday.
See also: How to Invest in SPACs
Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.