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Super app Grab starts trading on supersized SPAC combination – FiratNews

Super app Grab starts trading on supersized SPAC combination – TechCrunch

Replace: Issues didn’t go that effectively.

Seize, the Southeast Asian tremendous app, introduced final evening that it accomplished its enterprise mixture with particular function acquisition firm (SPAC) Altimeter Development. The outcome? Seize will start buying and selling right now on the Nasdaq beneath the ticker image “GRAB.”

And it raised a pile of cash within the course of. Billions, in truth.

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The Seize SPAC did not, ahem, seize our consideration in the course of the current IPO rush, so it’s the precise time to take a seat again and catch up. This morning, we’re going to refresh our reminiscence of the Seize-SPAC deal, verify in on the corporate’s Q3 2021 efficiency, and yammer concerning the firm’s early buying and selling. Which, spoiler, is trying good.

exchange banner sq gry plusSeize’s SPAC deal

One concern that many SPAC-led offers endured these days is redemptions. In essence, SPAC backers can choose to get their a refund forward of a enterprise mixture (extra right here). This has led to some blank-check offers not bringing as a lot capital to bear as initially anticipated.

Within the case of Seize, redemptions weren’t an issue. As the corporate just lately reported: “Shareholder redemptions have been successfully 0%, at 0.02%.”

So, we must always count on that the Seize SPAC deal did in truth elevate the cash we anticipated for the tremendous app. Certainly, as Seize wrote final evening, the “transaction raised gross proceeds of US$4.5 billion within the largest-ever U.S. public market debut by a Southeast Asian firm.”

That’s about half the explanation we care concerning the blank-check-led debut of Seize; it’s not only a large deal for an enormous firm, it’s the most important deal for its area, and it’s heading into its first buying and selling session having acquired an enormous vote of confidence from its SPAC backers.

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