Grab’s Huge SPAC Merger Heralds Asia’s Next Tech Boom
GrabHoldings Inc.’s record-breaking deal to go public via a SPAC is a big moment for Southeast Asia’s technology industry. Venture capital funds have poured billions of dollars into the Southeast Asia region, and few of those investments have resulted in large listings or takeovers. Gaming and e-commerce group Sea Ltd have been the main ways for stock-market investors to invest.
Grab is a Singapore based ride-hailing and delivery company set to join Sea on the Nasdaq Stock Market with Gojek and Tokopedia working on a merger that could result in another big listing. The $40 billion Grab deal will attract investor attention and interest. Grab will merge with a special-purpose acquisition company in the $40 billion deal that is expected to close in July. Grab is the latest in a number of startups gaining investor attention, mirroring the start of China’s tech boom 15 years ago.