SPAC mania ain’t dead yet
Grab, a Singapore-based “super app,” went public on the Nasdaq at a valuation of nearly $40 billion yesterday.
It’s the largest SPAC deal in history.
The market size and demographics for Grab, leading into the IPO, are attractive. As detailed in the filing, Southeast Asia is among the fastest growing economies in the world, growing quicker than China and the United States, and is poised to become the world’s sixth largest economy as measured by GDP 2030. At the same time, disposable income is slated to grow by 8.2%, compounded annually, through 2025.
A day after open trading the stock slumped 20%.