Southeast Asian ride-hailing giant Grab closed its Nasdaq debut on Thursday with a double-digit decline in its shares, Reuters reported.
- Grab shares climbed by as much as 21% after its listing, before erasing its gains, and retreated 23% lower at $8.51 by 1834 GMT. Shares later closed the trading day down by 20.53%.
- Chief Executive Anthony Tan, just after the start of the trading of the company’s shares, said the price “makes no difference” to him, as he said he would celebrate and get back to work on Friday.
- Grab in April agreed to merge with American tech investor Altimeter Capital Management’s special purpose acquisition company Altimeter Growth Corp. to raise $4.5 billion and position for the backdoor listing.
The Southeast Asian economy is expected to grow to $360 billion in gross value by 2025. GRAB is up 2.51% premarket.