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Super app Grab starts trading on oversized SPAC wetsuit – TechCrunch


Grab, the southeast The Asian super app announced last night that it has completed its merger with Special Purpose Acquisition Company (SPAC) Altimeter Growth. The result? Grab will begin trading today on the Nasdaq under the ticker symbol “GRAB”.

And it raised a bunch of money in the process. Billions, in fact.


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The SPAC Grab failed to grab our attention during the recent IPO rush, so now is a good time to sit down and catch up. This morning, we’re going to refresh our memories of the Grab-SPAC deal, check out the company’s performance in Q3 2021, and talk about the company’s early exchanges. Which, spoiler, looks good.

Super app Grab starts trading on oversized SPAC wetsuit – TechCrunchGrab’s SPAC Agreement

One issue that many PSPC-led transactions have endured in recent times is that of redemptions. Essentially, PSPC funders can choose to get their money back before a business combination (more here). This has resulted in some blank check transactions not bringing in as much capital as initially expected.

In Grab’s case, buyouts were not an issue. As the company recently reported: “Shareholder buybacks were effectively 0%, at 0.02%.

So, we should expect that the Grab SPAC deal did indeed raise the funds we expected for the super app. Indeed, as Grab wrote last night, the “transaction raised gross proceeds of US $ 4.5 billion in the largest ever public market launch by a Southeast Asian company. “.

That’s about half of the reason we care about Grab starting out with a blank check; it is not only a big problem for a big company, it is the the biggest deal for his region, and he’s heading into his first negotiating session after receiving a huge vote of confidence from his PSPC funders.


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