An IPO that fails to Grab attentionThis Southeast Asian “super app” struggled to gain traction on its Thursday market debut.
- Grab lost over a fifth of its value on its first day of trading, with shares sinking over 20% following a $40bn SPAC merger, the world’s biggest ever.
- It started in the ride hailing game in 2012, but since then has turned itself into a “super” platform that does everything from food delivery to digital payments.
- SPACs had their moment in the sun earlier this year, but analysts think that an IPO fail from such a high profile company could lead to a lot more hesitancy in the market.
Illustration by TradingView
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