Grab and Traveloka to go public via SPAC at US$34b & US$5b valuation

Grab and Traveloka to go public via SPAC at US$34b & US$5b valuation

by Nandita Bhardwaj

Ride-hailing and delivery giant, Grab Holdings Inc and Traveloka are reportedly ready to become public companies in the next few months, starting a coming-out party for long-ignored internet scene of Southeast Asia.

As per reliable sources, this week the ride-hailing giant would reveal a listing with a US-based blank-check firm that has drawn sponsors from T. Rowe Price to Temasek Holdings Pte, valuing Grab at approximately US$34 billion.

Whereas, Indonesian online travel company Traveloka will follow the footsteps of Grab, listing at a valuation of more than US$5 billion via SPAC (special purpose acquisition company) backed by billionaires Peter Thiel and Richard Li. Although terms on both the deals might change.

These mega deals would front a chain of IPOs from the region’s most beneficial startups from 2021, from Singapore’s PropertyGuru to e-commerce company Tokopedia and Grab’s arch-foe Gojek. Their entrances permit investors to bet on the industry’s supremacy in the post-COVID-19 mobile era over the industrial conglomerates as well as financial institutions that have long controlled the corporate landscape of Southeast Asia.

In the long term, market watchers want fast-growth technology businesses to dominate attention like they have across the U.S and China, gaining on a Southeast Asian list currently led by e-commerce giant Sea Ltd.

In the meantime, interest in Southeast Asia is increasing in part owing to external factors. In fact, money has moved out of China’s topmost internet names since Beijing launched a campaign to restrain Alibaba and its peers in late 2020.

Tokopedia and Gojek, the two most valuable tech startups of Indonesia are seeking approval from investor for a merger that might form Indonesia’s biggest internet firms ahead of a dual in initial public offerings. Others exploring listings include Indonesia’s Bukalapak as well as Singapore’s PropertyGuru.

Chief investment officer, Kamet Capital Partners Pte, Kerry Goh, stated that the listing of Grab provides most awaited exit for prevailing investors, while providing numerous exciting opportunities for U.S. investors to invest in Southeast Asia growth firms.

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Nandita Bhardwaj

Having a marketing management post graduate degree under her belt, Nandita spent considerable time working in the field of recruitment. However, her real interest lay in playing with words and soon enough, she commenced her career in the field of content creation. Currently, she authors insightfuRead more...