According to media reports, Singapore ridesharing company Grab Holdings Inc is in talks to go public through a merger with a special purpose acquisition company that could value the ride-hailing giant at nearly SGD 53.8 billion (USD 40 billion).
The Wall Street Journal had reported that the SoftBank-backed firm was in talks with Altimeter Capital Management LP.
Grab is expected to raise between USD 3 billion and USD 4 billion from private investors, according to the report. Reuters first reported in January, citing sources, that Singapore-based Grab was exploring a listing in the United States.
Silicon Valley-based venture capital firm Altimeter has backed two special purpose acquisition companies (SPACs) - Altimeter Growth Corp and Altimeter Growth Corp 2. SPACs are shell companies that raise funds through an initial public offering to take a private company public.