Grab tumbles in U.S. market debut after SPAC merger
02/12/2021 18:33
(Updates)
** Southeast Asia's largest ride-hailing and delivery firm
Grab's shares GRAB.O down ~23% at $8.51 in U.S. market debut,
reversing early gains
** The biggest U.S. listing of a Southeast Asian firm
follows its record $40 billion merger with blank-check firm
Altmiter Growth Corp AGC.O urn:newsml:reuters.com:*:nL1N2SM3J3
** Co currently trading below AGC's IPO price of $10/unit
** GRAB is the No. 4 trending stock on investor-focused
social media platform StockTwits.com, as retail investors turn
their attention to the nine-year-old Singapore company's market
debut
** AGC was also among the top trending stocks on
StockTwits.com in premarket trading
** Shares of AGC closed at $11.01 on Wednesday, reversing
early gains and falling nearly 13.3% after shareholders approved
the deal urn:newsml:reuters.com:*:nL4N2SM32B
(Reporting by Bansari Mayur Kamdar, Medha Singh and Sohini
Podder in Bengaluru)
((BansariMayur.Kamdar@thomsonreuters.com;))