SINGAPORE – Southeast Asian giant Hagel and food supplier Grab is considering a US listing this year, fueled by strong investor appetites for IPOs, three sources familiar with the matter told Reuters.
The IPO could raise at least $ 2 billion (S $ 2.6 billion), according to one of the sources, which would likely make it the largest offshore stock offering from a Southeast Asian company.
“The market is good and business is better than before. This should work well for public markets, ”he said.
The plans, including the size of the issue and timing, have not yet been finalized and are subject to market conditions, said the sources, who refused to be identified as they were not empowered to speak on the matter.
Singapore’s Grab declined to comment on the possible IPO.
Grab, whose supporters include SoftBank Group Corp and Mitsubishi UFJ Financial Group, has grown from its inception as a hail company in Malaysia in 2012 to become the region’s most valuable startup valued at more than $ 16 billion.
The company, which also provides financial services and recently obtained a digital banking license in Singapore, announced earlier this month that group sales have rebounded and are well above pre-pandemic levels.
It has also said that its hail business is balanced across all of its operating markets, including Indonesia, the largest. The grocery delivery business is expected to be balanced by the end of the year.
The IPO plans would come after merger talks with Indonesian rival Gojek were suspended.
Gojek and Indonesian e-commerce leader Tokopedia are in advanced talks on a $ 18 billion merger ahead of a possible double listing in Jakarta and the US, Reuters reported this month.
