As many as 40 million people in six countries across the region - Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand - came online for the first time in 2020, according to a report from Google, Temasek Holdings and Bain & Company. Throughout the pandemic, Southeast Asia saw a surge in the use of digital services like e-commerce, food delivery and online payments. 44 on last year's CNBC Disruptor 50 list, is said to be considering an equally massive $20 billion blank-check merger of its own, according to Bloomberg. While Grab's merger remains record setting, Boston-based biotech company Ginkgo Bioworks, ranked No. we've been able to secure a world-class, day-one cap table of all investors" involved with the company. "They committed more than 15% of our PIPE, and that shows real commitment. "We found this was the better way to IPO," Tan said Tuesday of the decision he claims his company has been weighing over the last year. Still, new deals continue to flood the market - more than 100 in March alone, according to SPAC Research. Securities and Exchange Commission, but also investors who are fearful of a market bubble. It has not only drawn the attention of the U.S. While SPACs have become a hot investment vehicle on Wall Street, they're also gaining traction in Asia with six regional-focused SPAC companies that have collectively raised $2.7 billion thus far in 2021.īut in the first quarter this year, capital raised by blank-check firms like Altimeter has already outpaced 2020's total issuance. It operates in most of Southeast Asia, serving more than 187 million users in over 350 cities across eight countries. 16 on last year's CNBC Disruptor 50 list, delivers an array of digital services such as transportation, food delivery, hotel bookings, online banking, mobile payments and insurance services from its app - thus the "super app" title. it shows validation of the tremendous offering right here in this region, and that the 'super app' strategy works." "So, today as we announce what is expected to be the largest U.S. "I remember years ago when we were talking to investors, some folks didn't even know where Southeast Asia was on a map," Grab co-founder and CEO Anthony Tan said Tuesday on CNBC's " Squawk Box."
PIPEs are mechanisms for companies to raise capital from a select group of investors that make the final market debut possible through their financing. Rowe Price, Morgan Stanley's Counterpoint Global fund and Singapore's sovereign wealth fund Temasek. Altimeter Growth's stock rose more than 8% in premarket trading after the announcement, from its previous close of $13.95 a share.Īs part of the deal, SoftBank-backed Grab will receive about $4.5 billion in cash, which includes $4 billion in a private investment in public equity arrangement, managed by BlackRock, Fidelity, T. A SPAC listing bypasses Wall Street's traditional IPO process.
Special purpose acquisition companies are shell companies set up to raise capital to acquire private companies.
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