Salem Radio Network News Saturday, January 29, 2022

Business

Southeast Asia’s Grab shares jump 18% in U.S. debut

SINGAPORE (Reuters) – Shares of Grab rose 18% in their U.S. market debut on Thursday following the Southeast Asian ride-hailing and delivery firm’s record $40 billion merger with a blank-check company.

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.

By 1451 GMT, Grab’s shares were trading 11% higher at $12.26.

The biggest U.S. listing by a Southeast Asian company 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.

(Reporting by Anshuman Daga and Aradhana Aravindan; Editing by William Mallard, Kirsten Donovan)

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