Stock Groups

Grab Rebounds Premarket After Debut Day Debacle -Breaking


© Reuters

By Dhirendra Tripathi

Investing.com – Grab shares were set to rebound in Friday’s premarket trading after they lost more than a fifth of their value on their Nasdaq debut in the previous session.

Stock of the super-app from Southeast Asia was up 7.4% to $9.40 after falling from $13.06 a $8.75 Thursday.

On Thursday, ride-hailing and delivery company Uber had a market cap of approximately $35 billion. 

Grab’s early backers include Softbank (T:), Toyota (NYSE) Hyundai Motor (OTC 🙂 and Didi(NYSE:).

SPAC Altimeter was sold to the loss-making business, making this deal close to $40 Billion. This makes it the biggest ever U.S. listing of a Southeast Asian company. The largest merger with a blank company was used to list the firm, which is a method that many startup companies adopt due to its faster listing time and lower cost.

SPAC stands for Special Purpose Acquisition Company. This is a company that was created to raise capital in the public markets. The cash can then be used to merge the private and public companies. SPACs are often backed by industry professionals, which gives them the advantage even though investors don’t know the identity of any of the firms being pursued. 

 

 

 

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.