Southeast Asian ride-hailing giant Grab is considering entering the United States stock market this year, according to Reuters citing sources familiar with the matter.
The initial public offering could raise at least USD2 billion that could fuel the growth of the company. The sources said that the plans, including the size of the issue and timing, have not been finalised and are subject to market conditions.
“The market is good and the business is doing better than before. This should work well for public markets,” a source claimed.
Starting from ride-hailing, Grab has branched out its business and offers financial services, food and parcel delivery, and grocery shopping, which thrived and grew immensely during the pandemic.
Grab Holdings declined to comment about the potential IPO. Grab, which is backed by SoftBank Group Corp and Mitsubishi UFJ Financial Group, is Southeast Asia’s most valuable start-up and is worth more than USD16 billion.
Grab joins the list of Southeast Asian start-ups filing for IPO: Tokopedia (and Gojek), Traveloka, Prestige Biopharma, M-DAQ, and JustCo.