It's a 'New Era' for Grab as It Makes Its Stock Market Debut
Grab made its stock market debut in the U.S. on Thursday (December 2), vowing to innovate at a faster pace while improving its services to “create millions more firsts” for its customers in Southeast Asia.
The listing was made possible through a special purpose acquisition company (SPAC) called Altimeter Growth Corp. Grab merged with Altimeter, which was already listed in New York’s Nasdaq market, raising a total of $4.5 billion.
Based on company disclosures, Grab reported big losses in the last three years. It reported a net loss of $1 billion during the third quarter of 2021.
A bell-ringing ceremony was held in Singapore and live-streamed late Thursday. Grab CEO Anthony Tan said the nine-year-old super app will strive to develop more digital services for Southeast Asia to “create economic empowerment for everyone.”
Tan said the listing marks another era for Grab.
“We’re committed to innovating faster and doing better so that our partners and communities can even achieve more,” Tan said. “As Grab forges ahead, we invite you to journey with us, as we create millions more firsts for this region. Together, let’s stir a rising tide that will lift all boats—so that no one is left behind.”
Joining Tan at the ceremony were other Grab executives, including co-founder Hoo Ling Tan, as well as partners like merchants, drivers, and delivery riders.
Grab co-founders Hoo Ling Tan and Anthony Tan
“We’re here today, thanks to the support of millions of driver-, merchant- and agent-partners, who work hard every single day to improve the lives of their loved ones, and those of the consumers we serve,” he said. “We may have empowered them with technology, but they’ve achieved millions of firsts through their own ambition and hard work.”
Grab was founded in 2012 and started out as a taxi-hailing service in Malaysia. It is now based in Singapore and bills itself a superapp that offers ride-sharing, food delivery, and financial technology among many other services.
Grab’s business philosophy revolves around the concept of “everyday and everything,” which, in a nutshell, means that Grab wants to digitalize any service that is needed everyday, hyper-localizing them to suit the taste and demand of each market.
In the Philippines, Grab has forged strong partnerships with different agencies of the Philippine government, particularly the Department of Transportation. The company offered rides to front-line workers, vaccinated its drivers and riders, and provided financial assistance to its partners.
Grab is present in 465 cities across Southeast Asia, including 60 cities in the Philippines. it plans to roll out its services in more cities in the coming months.