Grab plunges 21% in biggest Wall Street debut by a Southeast Asian company
CNN
The Southeast Asian unicorn Grab had a rough first day on Wall Street. The Singaporean startup closed down nearly 21% Thursday as it began trading on New York's Nasdaq.
The Singaporean startup closed down nearly 21% Thursday as it began trading on New York's Nasdaq.
Grab went public by merging with a special-purpose acquisition company, or SPAC. The deal — in which Grab raised $4.5 billion, and was valued at nearly $40 billion — was the biggest of its kind on record, according to data provider Dealogic. It's also the largest US market debut by a Southeast Asian company. The previous record was held by an Indonesian satellite company, which raised nearly $1.2 billion in 1994, according to data from Refinitiv.
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