Southeast Asia’s ride-hailing giant Grab announced Tuesday it is set to go public through a SPAC merger with Altimeter Growth Corp., in a deal that values the company at $39.6 billion — the largest blank-check merger to date. Grab says it intends to list on the Nasdaq under ticker symbol GRAB following the deal’s completion.
Special purpose acquisition companies are shell companies set up to raise capital to acquire private companies. A SPAC listing bypasses Wall Street’s traditional IPO process. Altimeter Growth’s stock rose more than 8% in premarket trading after the announcement, from its previous close of $13.95 a share.