It looks increasingly likely Southeast Asia’s biggest ride-hailing firm Grab will go public in the US, and it could become the most valuable via the special purpose acquisition company (SPAC) route.
According to people familiar with the matter, the so-called blank check transaction may value Singapore based Grab at about $40 billion.
Grab has been in talks with Silicon Valley-based investment firm Altimeter Capital Management, and has also held discussions with others.
Altimeter has interests in two SPACs.
According to sources there is still a way to go before anything is finalised and Gab may still opt for a conventional IPO listing.
The Wall Street Journal had reported last week that Grab was in talks with Altimeter.
It said a SPAC deal could raise up to $4 billion from the listing.
Grab’s main rival in the region, Indonesia based Go-Jek, has equally ambitious plans.
Go-Jek is pursuing a merger with e-commerce giant Tokopedia with the ultimate goal of publically listing the newly merged company in Indonesia and the US.
Go-Jek would hold a stake of 60% of the new business, which would have a valuation of up to $40 billion, according to media reports.
