Grab hopes to raise around $4.5 billion in cash as a result of its debut on the public markets.
The Singapore-based ground transportation and services provider will list on the New York Stock Exchange by way of a SPAC deal with Altimeter Capital Management.
Grab is expected to be valued at almost $40 billion as a result the IPO announced today and slated to run under the ticker "GRAB" in the coming months.
The company has raised over $12 billion in financing across multiple rounds since its formation in 2012.
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Grab closed a $2 billion loan facility in February this year.
It is the third of the major ground transportation platforms to have gone public following the IPOs of Uber and Lyft in 2019.
Co-founder and group CEO Anthony Tan says: "This is a milestone in our journey to open up access for everyone to benefit from the digital economy. This is even more critical as our region recovers from COVID-19. It was very challenging for us too, but it taught us immensely about the resiliency of our business.
"Our diversified super app strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability. As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds."
The company has worked hard in recent years to develop its "super app" concept, allowing customers the opportunity to purchase other consumer items alongside booking ground transport.
It claims the number customers buying two or more services has grown five times over the last two years.
A statement says: "As consumer spend grows, so do the income opportunities for Grab’s merchant and driver-partners, encouraging more of them into Grab’s ecosystem. This leads to wider selection, better value, and faster delivery times for users, with benefits to consumer loyalty and lifetime value."
In 2018, Uber announced a "merger" of its Southeast Asian business with Singapore-based Grab.
The agreement included giving Uber a 27.5% stake in the combined entity and its CEO Dara Khosrowshahi a seat on Grab's board of directors.
Grab also took over running of Uber's food delivery service in the region.
Brad Gerstner, founder and CEO at Altimeter, says: "As one of the world’s largest and fastest-growing internet companies, Grab is paving the digital path forward for the 670 million citizens of Southeast Asia.
"We are thrilled that Grab selected Altimeter Capital Markets as their partner to go public and even more excited to become sizable long term owners in this innovative, mission driven company."