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03-12-2021, 02:36 PM
Southeast Asia’s ride-hailing giant Grab fell sharply on its first day trading on the Nasdaq, after becoming the largest-ever company to close a SPAC merger and go public.
Shares opened the trading day at $13.06 apiece under ticker symbol “GRAB,” following a deal with Altimeter Growth Corp. that valued the four-time CNBC Disruptor 50 company at nearly $40 billion. But they lost more than a fifth of their value by Thursday’s closing bell, finishing more than 20% lower at $8.75 apiece.
Grab, ranked No. 16 on last year’s CNBC Disruptor 50 list, sells an array of digital services such as transportation, food delivery, hotel bookings, online banking, mobile payments and insurance services from its app — earning the “super app” title. It operates in most of Southeast Asia, serving more than 187 million users in over 465 cities across eight countries. Still, revenue at the company was down 9% year-over-year as net losses expanded to $988 million, up from $621 million.
More at https://www.bannedsite.com/forum/current...pac-merger
Shares opened the trading day at $13.06 apiece under ticker symbol “GRAB,” following a deal with Altimeter Growth Corp. that valued the four-time CNBC Disruptor 50 company at nearly $40 billion. But they lost more than a fifth of their value by Thursday’s closing bell, finishing more than 20% lower at $8.75 apiece.
Grab, ranked No. 16 on last year’s CNBC Disruptor 50 list, sells an array of digital services such as transportation, food delivery, hotel bookings, online banking, mobile payments and insurance services from its app — earning the “super app” title. It operates in most of Southeast Asia, serving more than 187 million users in over 465 cities across eight countries. Still, revenue at the company was down 9% year-over-year as net losses expanded to $988 million, up from $621 million.
More at https://www.bannedsite.com/forum/current...pac-merger
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