Grab

Grab, Southeast Asia's biggest ride-hailing and delivery firm, makes its market debut after a record $40 billion merger with a special purpose acquisition company (SPAC)

The backdoor Nasdaq listing will see nine-year-old Grab raise over $4 billion, a record U.S. offering from Southeast Asia.

SGX has mainly only seen large IPOs from real estate investment trusts.

Ride-hailing giant set to trade on Nasdaq

The deal for Grab, which was valued at just over $16 billion last year, will be a big win for its early backers such as SoftBank Group Corp and China's Didi Chuxing.

The Wall Street Journal reported earlier in the day SoftBank-backed Grab was in talks with Altimeter Capital Management LP.

Merging with a SPAC, a shell company whose sponsors raise money from investors in order to buy a private company

Grab is a Singaporean ride-hailing firm

Ride-hailing and food delivery giant Grab has raised more than $300 million from investors led by South Korea's Hanwha Asset Management Co Ltd for its rapidly-expanding financial services business

Singapore's privacy watchdog fined ride-hailing app Grabcar S$10,000, saying a 2019 update put the data of some users at risk of unauthorised access

The ride-hailing industry has been battered by the pandemic, with firms from Uber, Lyft in the United States to India's Ola cutting jobs and costs

We now have Grab Express, which is essentially our logistics and last-mile delivery service

Thailand and Myanmar are the only two countries in Southeast Asia where ride-sharing is still illegal

The company did not disclose the deal value

SMRT is a public transport operator, whose services include trains and buses