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08-04-2021, 08:09 PM
Grab to list in New York in largest SPAC merger; listing to value Grab at US$35 bil
Felicia Tan
Published on Wed, Apr 07, 2021 / 3:20 PM GMT+8
Singapore-based technology company Grab looks set to finalise its listing in New York, according to the Financial Times.
The group’s listing will take place with one of Altimeter Capital’s two Altimer Growth special purpose acquisition companies (SPAC), the fund Altimeter Growth 1, as soon as this week, according to the Financial Times’ sources.
Altimeter Growth 1 raised US$450 million in 2020. Its share price has risen 25% since its listing.
The listing will value the Softbank-backed tech group at some US$35 billion ($46.9 billion), making it the largest merger between a private business and a blank cheque company.
To prepare for the listing, Grab will raise some US$2.5 billion through a private investment in public equity (PIPE) deal. The deal is often raised in tandem with a SPAC deal that lets accredited or institutional investors buy stocks directly from a public company, usually below market price.
Of the US$2.5 billion, some US$1.2 billion will be funded by Altimeter for a total valuation of close to US$35 billion.
Altimeter will also backstop or support the sale of any shares in the SPAC by public shareholders upon the announcement of the deal.
Grab founder Anthony Tan will own about 2% of the listed entity, while Softbank’s Vision Fund, one of Grab’s leading investors, is said to stand to win big from the listing.
More details in https://www.theedgesingapore.com/news/ip...b-us35-bil
Felicia Tan
Published on Wed, Apr 07, 2021 / 3:20 PM GMT+8
Singapore-based technology company Grab looks set to finalise its listing in New York, according to the Financial Times.
The group’s listing will take place with one of Altimeter Capital’s two Altimer Growth special purpose acquisition companies (SPAC), the fund Altimeter Growth 1, as soon as this week, according to the Financial Times’ sources.
Altimeter Growth 1 raised US$450 million in 2020. Its share price has risen 25% since its listing.
The listing will value the Softbank-backed tech group at some US$35 billion ($46.9 billion), making it the largest merger between a private business and a blank cheque company.
To prepare for the listing, Grab will raise some US$2.5 billion through a private investment in public equity (PIPE) deal. The deal is often raised in tandem with a SPAC deal that lets accredited or institutional investors buy stocks directly from a public company, usually below market price.
Of the US$2.5 billion, some US$1.2 billion will be funded by Altimeter for a total valuation of close to US$35 billion.
Altimeter will also backstop or support the sale of any shares in the SPAC by public shareholders upon the announcement of the deal.
Grab founder Anthony Tan will own about 2% of the listed entity, while Softbank’s Vision Fund, one of Grab’s leading investors, is said to stand to win big from the listing.
More details in https://www.theedgesingapore.com/news/ip...b-us35-bil
Specuvestor: Asset - Business - Structure.