What Happened to Grab Holdings?
Ticker: GRABSPAC Year: 2021Merger: 2021
Return
-52.0%
Current Price
$4.8
Peak Price
$13.06
Trust Size
$4.5B
Summary
Southeast Asias ride-hailing and delivery super-app completed the largest SPAC merger in history at $40B. Investors lost over 50% as the company struggled with profitability in low-margin businesses.
What Happened
Grab merged with Altimeter Growth Corp in December 2021 â the largest SPAC deal ever at $39.6B enterprise value. The $4.5B trust was the biggest ever raised. Grab is the dominant ride-hailing, delivery, and fintech platform across Southeast Asia (Singapore, Indonesia, Vietnam, etc.). Despite market dominance, the stock dropped 50% from its $10 SPAC price as investors questioned when the company would turn profitable. It finally achieved profitability in Q3 2023. An $80M class action settlement was paid in 2025 for misleading investors about its financial outlook.
Key People
Timeline
2021-04
Largest-ever SPAC merger announced ($40B)
2021-12
Merger completed, stock drops 20% on day 1
2022-06
Stock hits all-time low of $2.36
2023-10
First quarterly profit
2025-01
$80M class action settlement