What Happened: The Singapore-based Grab — which offers services akin to Uber Inc (NYSE: UBER) in multiple Southeast Asian countries — is planning an IPO bolstered by investor appetite, people familiar with the matter told Reuters.
The offering could raise $2 billion, which would make it the largest overseas share offering by a Southeast Asian company.
“The market is good and the business is doing better than before. This should work well for public markets,” according to a Reuters source.
Why It Matters: Grab, also backed by Japan’s Mitsubishi UFJ Financial Group Inc (NYSE: MUFG), is the region’s most valuable startup worth more than $16 billion, noted Reuters.
The ride-hailing service provider has also ventured into financial services. The company said group revenue has bounced back to pre-pandemic levels and expects its food delivery business to break even by the end of 2021, as per Reuters.
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