Grab Holdings Ltd. , the Southeast Asian superapp that set a high watermark for SPAC mergers last year, has quickly become one of the market’s biggest post-listing flops.
The ride-hailing and delivery company went public on the Nasdaq Stock Market with much fanfare about three months ago, after completing a record-breaking merger with a blank-check company that valued Grab at close to $40 billion. The shares fell following their listing debut, and were then dragged down by a broader technology stocks selloff.
