Southeast Asian delivery start-up Grab Holdings Inc. is considering public filing in the United States through a merger with a Special Purpose Acquisition Company (SPAC), Bloomberg reported Wednesday March 10, citing sources.
Grab is working with JP Morgan Chase & Co. and Morgan Stanley to find a SPAC to merge with, the sources told Bloomberg. A traditional initial public offering (IPO) is also still a possibility, the sources added.
A SPAC, or blank check company, raises funds for the specific purpose of acquiring a private company and getting it public. Backed by SoftBank, Grab is Southeast Asia’s most valued startup. Several tech unicorns in the region are reflecting on public records through PSPCs.
The move to go public follows Grab’s unsuccessful deal to merge with rival Gojek. Gojek is currently in merger talks with Tokopedia.
To catch recently launched a collaboration with the government to conduct drive-thru vaccination services in Indonesia. It is mandatory in Indonesia for people to get one shot. The country wants to immunize 70 million people by August, which is about a third of the country’s total target of 181.5 million.
To catch firm over a period of $ 2 billion over five years loan facility As speculation grew, it envisioned a public deposit. The startup offers carpooling, delivery and financial services. Grab chose Morgan Stanley and JP Morgan Chase as subscribers for a possible initial public offering that could be worth $ 2 billion.