Heaptalk, Jakarta — Grab, a Southeast Asian ride-hailing startup, made its Nasdaq debut on Thursday (02/12), trading under the stock symbol GRAB. Merging with Special Purpose Acquisition Company (SPAC), Altimeter Growth Corp., this year’s largest tech company by floor, totaled $40 billion, or Rp 572 trillion (exchange rate of Rp 14,300 per US dollar).
GRAB shares opened at $13.06 on Thursday local time, immediately surged to $18.8 before finally weakening and settling at $8.85, down 20.53% or 2.26 points at the close.
Grab’s Chief Executive Officer (CEO), Anthony Tan, stated, “This is Southeast Asia’s first Nasdaq IPO.” He continued by saying that his organization would not be where it is today without the assistance of Grab’s drivers and merchants.
GRAB‘s IPO is estimated to raise $4.5 billion, or approximately Rp 64 trillion, based on the Jakarta Interbank Spot Dollar Rate (JISDOR) on December 2, 2021, by Rp 14,378 per US dollar.
An expert’s point of view
According to Wima Bachtiar, an experienced stock market observer, the 21% slump in Grab’s shares was predictable. Grab is a tech company with no assets, and conventional investors tend to buy shares from companies with suitable investments.
“Grab is a technological startup with no assets and only a valuation. People prefer to invest in stocks worth more in a few years. As a result, some people remain dubious about whether, in the future, revenue may or may not meet expectations,” Wima said.
And this influences the market sentiment; people who see it have a less favorable impression. Furthermore, being a giant issuer, GRAB’s price is typically challenging to move up, as it relies primarily on supply and demand.
“Jumbo issuers are usually a bit weighty to lift, particularly for long-term plans. You have to consider things. You must examine the book; is it good? Is the revenue adequate? If so, then long-term goals are likely possible.” Wima concluded.
(LSG/FK)
