Grab plunges 21% in biggest Wall Street debut by a Southeast Asian company
CNN
The Southeast Asian unicorn Grab had a rough first day on Wall Street. The Singaporean startup closed down nearly 21% Thursday as it began trading on New York's Nasdaq.
The Singaporean startup closed down nearly 21% Thursday as it began trading on New York's Nasdaq.
Grab went public by merging with a special-purpose acquisition company, or SPAC. The deal — in which Grab raised $4.5 billion, and was valued at nearly $40 billion — was the biggest of its kind on record, according to data provider Dealogic. It's also the largest US market debut by a Southeast Asian company. The previous record was held by an Indonesian satellite company, which raised nearly $1.2 billion in 1994, according to data from Refinitiv.
As Chad Curry busily ferries his teenage children through the streets of their Chicago neighborhood of West Ridge, he eyes passing vehicles with a skepticism he didn’t have just a few months ago.
Speaker Mike Johnson is a political survivor, weathering crisis after crisis since his unlikely ascent two years ago.
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