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亚马逊云账号(www.2km.me)_Grab slumps in US debut after record SPAC deal

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Grab's shares rose as much as 21% minutes after the listing before retreating to trade 23% lower at US$8.51 by 1834 GMT.

SINGAPORE: Shares in Grab, Southeast Asia's biggest ride-hailing and delivery firm, slid more than 20% in their Nasdaq debut on Thursday following the company's record US$40 billion merger with a blank-check company.

Grab's shares rose as much as 21% minutes after the listing before retreating to trade 23% lower at US$8.51 by 1834 GMT.

"The price makes no difference to me. I'm going to celebrate tonight and get back to work tomorrow," Chief Executive Anthony Tan told Reuters just after the shares started trading.

The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products.

Grab kicked off the biggest U.S. listing by a Southeast Asian company with a bell-ringing event in Singapore, hosted by Nasdaq and Grab's executives.

The event was attended by about 250 people including its investors, drivers, merchants and employees, with many dressed in the company's signature green.

Thunderous handclaps reverberated in the hotel ballroom as an emotional Tan thanked them for putting Grab and Southeast Asia's tech economy on the global map.

CEO Tan and Tan Hooi Ling developed the company from an idea for a Harvard Business School venture competition in 2011. The two Tans are not related.

The listing comes after Grab's April agreement to merge https://www.reuters.com/article/us-grab-m-a-altimeter-growth-idCAKBN2C00H6 with U.S. tech investor Altimeter Capital Management's SPAC, Altimeter Growth Corp and raise $4.5 billion, including $750 million from Altimeter.

Grab's flotation "will provide a bigger cash buffer" to its "cash burn", S&P Global Ratings said in a note. But it said the company's "credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months."

Southeast Asia's internet economy is forecast to double to $360 billion in gross merchandise value by 2025, prompting Grab's rivals, including regional internet firm Sea https://www.reuters.com/technology/sea-ltd-raises-about-6-billion-mega-fund-raising-2021-09-10 Ltd and Indonesia's GoTo https://www.reuters.com/technology/indonesian-tech-firm-goto-raises-over-13-bln-first-close-pre-ipo-funding-2021-11-11 Group, to bulk up.

GoTo plans a local IPO in 2022 after completing an expected $2 billion private fundraising, sources have told Reuters. A U.S. listing will follow the Jakarta offering.

"Longer term, we're really excited about Grab Financial Group," said Chris Conforti, partner at Altimeter Capital, referring to Grab's financial services unit. "I think the bell curve on that is much wider in terms of what the outcome could be, but it could be extremely large."

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