Southeast Asia‘s ride-hailing to delivery giant, Grab Holdings, is reportedly discussing a secondary listing in its home market, Singapore. The news came just after the company officially announced its merger with Altimeter Growth Corp for a US listing. By proceeding with the additional plan, Grab expects to offer its customers, drivers and merchant partners easier access to trade its shares.
According to exclusive news from Reuters, the plan for a secondary listing in Singapore is currently in the early stages. The sources further added that financial terms and timetable are also in the early stages of consideration. Thus, there is still not much information on how Grab aims to raise in any secondary listing.
Raymond Tong, capital markets and M&A partner at law firm Rajah & Tann Singapore thinks the plan could be a good move for Grab. Quoted from Reuters, Tong said, “For the right issuer, a secondary listing could well be a good move. You can get the best of both worlds”.
“If your home markets are in this region, a Singapore listing can help you tap another pool of investors as there are many family offices and funds based in Singapore,” Tong continued.
Meanwhile, neither Grab nor the SGX side were willing to give comments on the ongoing news.