Grab last Thursday (2 December) began trading on the Nasdaq following a merger with Altimeter Growth Corp (AGC). The merger valued Grab at $40 billion. 

Through the deal, Grab secured funds from investors including Fidelity, BlackRock, T. Rowe Price, Abu Dhabi sovereign wealth fund Mubadala and Singapore government investment arm Temasek.

According to data provider Dealogic, Grab’s merger was the biggest SPAC deal of its kind on record. Grab’s debut on the Nasdaq is also the largest US public market debut by a Southeast Asian company.

“We truly believe this is Southeast Asia’s time to shine, and we hope that our entrance into the global public market will help bring greater attention to the tremendous opportunity here in the region,” said Grab CEO and co-founder Anthony Tan. 

According to Reuters, Grab’s shares rose as much as 21% at the open before retreating to lose 23% at US$8.51 by 2.34am (Singapore time) on Friday (3 December). Tan reportedly hit the billionaire status for a few hours after the Nasdaq listing before the stock slipped. 

“The price makes no difference to me. I'm going to celebrate tonight and get back to work tomorrow,” Tan said. 

To celebrate the milestone, Grab held an opening bell ceremony in Singapore, hosted by Nasdaq and Grab executives. The event was attended by about 250 people, including the company’s investors, drivers, merchants and employees.