Stock will list on Nasdaq in SPAC offering

The Singapore-based ride-hailing big and meals supply firm Seize is gearing as much as go public in the US later this 12 months. The corporate announced the general public offering at the moment in partnership with Altimeter Development Company. Although a precise date is but to be set, Seize says it will commerce on the Nasdaq underneath the ticker image “GRAB” in “the approaching months.”

Nonetheless, Seize’s public offering will not be a standard preliminary public offering (IPO). As a substitute, Seize will take the SPAC route. A SPAC is a “particular goal acquisition firm” and is another solution to convey an organization to the general public markets. In a SPAC deal, a publicly listed shell firm created by buyers acquires a goal firm, in this case Seize. SPACs have been all the craze in 2021, with WeWork final month saying it’s taking the SPAC path to go public too, amongst different corporations.

When Seize lists, it’s anticipated to be the largest-ever U.S. fairness offering by a Southeast Asian firm, with an anticipated complete fairness worth of $39.6 billion. Such a price is anticipated to internet Seize $4.5 billion in money proceeds.


Seize was initially based in 2012 and counts SoftBank as one in every of its largest buyers. Since its launch, Seize has shortly turn out to be the dominant transportation and supply app in Southeast Asia, working in international locations corresponding to Singapore, Thailand, Vietnam, Myanmar, Malaysia, Cambodia, Indonesia, and the Philippines.

“It provides us immense delight to characterize Southeast Asia in the worldwide public markets,” Anthony Tan, group CEO and Seize cofounder, mentioned in saying the deal. “It is a milestone in our journey to open up entry for everybody to learn from the digital financial system . . . As we turn out to be a publicly-traded firm, we’ll work even tougher to create financial empowerment for our communities, as a result of when Southeast Asia succeeds, Seize succeeds.”