Singapore-headquartered super app Grab could list in the US by early December after the special purpose acquisition company it plans to merge with–Altimeter Growth Corp–said it will hold an extraordinary general meeting (EGM) to vote on the proposed deal next week, Nikkei Asia reported.
Altimeter Growth Corp will hold the EGM on Nov 30 to seek shareholder approval for the merger, according to a regulatory filing last Friday.
Grab will hold its own EGM by the same date and assuming both sets of shareholders approve, it could complete the merger and make its public debut on NASDAQ, the report added.
Altimeter Growth announced on Saturday (November 19) that the U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement of Grab on Form F-4 relating to the company’s proposed business combination with Grab.
In a statement dated November 11, Grab said its planned business combination with Altimeter Growth Corp “continues to progress and is expected to close in the fourth quarter of 2021”.
“Grab filed an initial registration statement on Form F-4 with the US SEC on Aug 2, and amended registration statements on Sept 13 and Oct 18. Grab remains in active communication with the SEC and expects to file another amended F-4 in the near future. A further update will be provided to the market when the Form F-4 is declared effective,” the company said, as it announced its third-quarter financial results.
“Subject to obtaining approval at the EGMs, we will be in a position to proceed to close the business combination with Altimeter Growth Corp and be publicly listed within a few days,” Grab Chief financial officer Peter Oey was quoted as saying, during the company’s third-quarter results webcast on Nov 11.
Grab has yet to respond to TechNode Global‘s query on the listing date.
Grab has postponed its listing to the fourth quarter. The tech decacorn said earlier it expected the SPAC merger to be completed by July.
Often dubbed as the most valuable tech start-up in Southeast Asia, Grab’s listing is expected to be the largest-ever US equity offering by a Southeast Asian company as the deal values Grab at approximately $39.6 billion.
The transaction is expected to provide up to approximately $4.5 billion in cash proceeds to Grab. Proceeds include more than $4.0 billion of fully committed private investment in public equity (PIPE) led by $750 million from funds managed by Altimeter Capital Management.
Investors in the PIPE include funds and accounts managed or advised by BlackRock, Counterpoint Global (Morgan Stanley Investment Management) and T.Rowe Price Associates, Inc., as well as Fidelity International, Fidelity Management and Research LLC, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Bhd, and Temasek.
Founded in 2012, Grab offers ride-hailing, food delivery, and e-payment services via its one-stop super app. It operates in Singapore, Malaysia, Indonesia, Vietnam, Thailand, the Philippines, Cambodia, and Myanmar.
Earlier this month, Grab said its revenue down 9 percent to $157 million in the third quarter ended Sept 30, 2021 (Q3 2021), as a result of the decline in mobility due to the severe lockdowns in Vietnam. Loss for the period grew by $366 million to $988 million.
Grab inks SPAC deal with Altimeter Growth as it readies US IPO at $39.6B valuation