Grab's Nasdaq debut to set tone for Southeast Asian tech listings

Grab, Southeast Asia's biggest ride-hailing and delivery firm, makes its market debut after a record $40 billion merger with a special purpose acquisition company (SPAC)

Grab, Southeast Asia's biggest ride-hailing and delivery firm, makes its market debut on Thursday after a record $40 billion merger with a special purpose acquisition company (SPAC), in a listing that will set the tone for other regional offerings.

The backdoor listing on Nasdaq marks the high point for the nine-year-old Singapore company that began as a ride-hailing app and now operates across 465 cities in eight countries, offering food deliveries, payments, insurance and investment products.

Grab's rivals, including regional internet firm Sea and Indonesia's GoTo Group, are also bulking up, with the region's internet economy forecast to double to $360 billion