The Singaporean startup is set to debut on New York’s Nasdaq on Thursday after raising $4.5 billion in a deal that values it at nearly $40 billion.
The deal, which involves merging with a special-purpose acquisition company, or SPAC, is the biggest of its kind on record, according to data provider Dealogic. It’s also the largest US market debut by a Southeast Asian company. The previous record was held by an Indonesian satellite company, which raised nearly $1.2 billion in 1994, according to data from Refinitiv.
The celebrations won’t be limited to New York: Co-founders Anthony Tan and Hooi Ling Tan will ring the exchange’s opening bell in Singapore on Thursday night in a ceremony including Grab drivers and merchants.
In recent years, the firm has cast itself as a “super app,” letting users do everything from booking rides to taking out insurance and loans. More than 25 million people use the app each month to make a transaction, across 465 cities in eight countries.
In an interview Thursday, chief financial officer Peter Oey said that the company would use the proceeds from the listing to double down on its existing playbook.
“We’re just getting started in Southeast Asia,” he told CNN Business.
Oey argues that there is still “huge opportunity” to grow the firm’s core businesses at home. Grocery delivery services in the region are still in their infancy, he said. Meanwhile, ride-hailing in the region is far less established than in China, he added.
Oey also did not rule out the possibility of doing more mergers and acquisitions, noting that “strategic opportunities will come up.”
SPACs are shell companies with limited or no operating assets. They usually go public solely to raise money from investors that is then used to buy existing businesses.
Grab has previously said that it chose to go public in the United States, rather than in Southeast Asia, because it wanted to tap into a larger investor base.
But Oey said Thursday that the company wouldn’t rule out the possibility of listing on another exchange at some point. “We’re open to Southeast Asia and other opportunities,” he added.
Still, the executive emphasized that the company would take it one step at a time.
“For us right now it’s [about] making sure that we execute the business and stay focused, and support those shareholders who are in the ride with us,” said Oey.