Despite the fall, still proud of the successful reason for the debut.
Grab shares fell more than 20% on its Nasdaq debut on Thursday following a record US $ 40 billion merger with a blank check company.
Grab shares were initially up 21% after the listing then retreated to trade a 23% lower at US8.51 by 1834 GMT.
However, Chief Executive Anthony Tan did not lash out, saying the price did not make any difference and he would celebrate the success before returning to work the next day.
The backdoor listing on the Nasdaq marks the highest point for the Singapore -based company after 9 years of operating as a transportation app to date and operating in 400 cities in 8 countries offering food delivery services, payments, insurance and investment products.
Grab has kicked off the largest United States (US) listing by a Southeast Asian company with a bell ringing event in Singapore hosted by Nasdaq and Grab executives. The event was attended by over 250 people including investors, drivers, traders and its employees with many dressed in green as the company’s official color.
Thunderous applause echoed in the hotel hall as an emotional Tan thanked them for putting Grab and the technology economy of Southeast Asia on the world map.
The listing came after Grab agreed in April to merge with US technology investor Altimeter Capital Management SPAC, Altimer Growth Corp. and raise US $ 4.5 billion including US $ 750 million from Altimeter.
In the meantime, Grab shareholders have earned bonus proceeds for their loyalty along with Grab.
