South East Asia’s biggest ride-hailing and delivery firm – Grab slumped more than 20% in its debut on Thursday after the company listed through a record $40 billion merger with a SPAC company.
Share of Grab climbed as much as 21% right after the opening bell. However, later inched down by 23% to $8.51.
Chief Executive Anthony Tan said as reported by Reuters, “”The price makes no difference to me. I’m going to celebrate tonight and get back to work tomorrow,”.
The nine-year-old Asian unicorn began as ride-hailing application and now offers range of services from food deliveries, grocery shopping, payments, insurance and investment products in 465 cities in eight countries.
“What we have shown to the world is that homegrown tech companies can develop great technology that can compete globally, even when international players are in town … we can compete and win,” Tan told Reuters.
The listing paid off early days investors such as Softbank Group Corp. and Didi Chuxing who backed the company as early as 2014. They were later joined by Toyota Motors, MUFG and UBER.