“The stock will go up and it will go down,” said Anthony Tan, co-founder of Grab Holdings Ltd., moments after Nasdaq’s bell-ringing ceremony in Singapore Thursday night, the first such event held in Southeast Asia.
He was right on the money. Grab soared in pre-market trading in New York but after opening at $13.06 the shares tumbled more than 21% on their first day. The stock made its debut after the ride-hailing and delivery company completed its merger with the blank-check firm of Brad Gerstner’s Altimeter Capital Management, the largest deal yet to close for a special purpose acquisition company.
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December 03, 2021 at 04:39AM
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Singapore Had a New Billionaire for a Few Hours Before Grab Slid - Bloomberg
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