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Singapore’s Grab set for Nasdaq debut

By Mensholong Lepcha

07:50, 1 December 2021

Grab logo
Grab logo - Photo: Shutterstock

The merger of Singapore-based ride hailing platform Grab Holdings and California-headquartered blank check company Altimeter Growth has been approved by shareholders, paving the way for Grab to be listed on the Nasdaq stock exchange in the US.

Altimeter Growth said on Tuesday that its shareholders approved the merger and that Grab's Class A common stock is expected to begin trading on the Nasdaq on 2 December under the ticker symbol “GRAB”.

Shareholder redemptions were effectively 0%, at 0.02%, added Altimeter Growth.

SPAC listing

Earlier in April, Grab unveiled plans to go public in the US through a merger with special purpose acquisition company (SPAC) Altimeter Growth in a $40bn deal.

SPACs list on the stock market with the sole purpose of acquiring a private company. Following the acquisition, the companies formally merge and the SPAC takes on the business model and identity of the company it acquired.

Grab said that the deal will provide the start-up with cash proceeds of about $4.5bn which will be used as “growth capital.”


40,035.30 Price
+0.910% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


1.09 Price
+0.090% 1D Chg, %
Long position overnight fee -0.0080%
Short position overnight fee -0.0003%
Overnight fee time 22:00 (UTC)
Spread 0.00006


239.02 Price
+1.900% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.14


0.63 Price
+0.090% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Difficult environment

In September, the Southeast-Asia focused superapp cut its full-year 2021 outlook citing uncertainty of movement restrictions in Southeast Asia related to Covid-19.

In November, Grab said its third quarter loss widened to $988m from $621m from a year ago, while quarterly revenue fell 9% year-on-year to $157m.

Grab operates in Thailand, Malaysia, Myanmar, Vietnam, Cambodia, Singapore, Indonesia and the Philippines, according to its presentation. It is backed by Tiger Global Management and SoftBank Group, among others.


Grab provides services including ride-hailing, food delivery, online shopping, bill payments, and insurance and investment solutions.

On Tuesday, shares in Altimeter Growth Corp fell 5.8% to $12.72. However, the stock rose 7.3% to $13.65 in aftermarket trade.

Read more: Hong Kong stocks recover from over 1-year low

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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