Last week, I spoke to Rolf Bulk, a London-based analyst for tech-focused NewStreet Research. He who will soon be relocating to Singapore has been covering ride hailing and meal delivery firms globally over the past two years including Uber Technologies, Didi Global, DoorDash and others.
What is Southeast Asian ride hailing giant Grab really worth as a listed firm? In April, the Singapore-based taxi disruptor which undergoing an extreme makeover as a SuperApp announced that it was seeking to merge with prominent Silicon Valley venture capitalist Brad Gerstner’s Altimeter Growth Corp, a Nasdaq-listed special-purpose acquisition company or SPAC, in a deal that valued it over US$40 billion ($54 billion).
The blank cheque shell listed firm was supposed to have completed its merger last month and changed its name to Grab, but the US Securities and Exchange Commission threw a spanner in the works by asking the ride hailing firm to re-audit its financial statements in accordance with US Public Company Accounting Oversight Board standards. The listing of the merged firm is now expected before the year-end.
