The operation allowed Grab Holdings, parent company of Grab, to raise 4.5 billion dollars from investors, announced in a press release the group which bought in 2018 the VTC activities of the American Uber in South East Asia.
At around 4:30 p.m. GMT, the stock, listed as GRAB, was worth $ 9.29, which equated to a total value of $ 36.6 billion.
In the first exchanges, the title had risen to 13.29 dollars, valuing the group at 52 billion.
To enter the Nasdaq, the New York Stock Exchange which favors technological stocks, Grab merged with a Spac, called Altimeter Growth, a vehicle already listed which allows for a simplified introduction.
The platform, which claimed 25 million users in 2020, posted a loss of $ 1.5 billion in the first half of the year, almost quadruple its turnover (396 million).
It had already lost 6.7 billion in total over the 2019 and 2020 financial years.
Created in 2012, Grab is present in 465 cities in 8 Southeast Asian countries, including Indonesia, Thailand and Vietnam.
The group claims the largest network of partner VTCs and vehicles capable of delivering meals.
The platform seeks to stand out by the scope of the services it offers, which are not limited to passenger transport or the delivery of meals, groceries or packages, by car or on two wheels.
The group also offers, from its mobile application, an electronic wallet, insurance contracts and financial investment products, a package of services that classifies it in the category of "superapps", multi-use apps.
"I am confident that we are on the road to profitability thanks to the + superapp + model," CEO Anthony Tan said on CNBC financial channel on Thursday.
Grab's investors include Japanese company Softbank, as well as automakers Toyota and Hyundai.
© 2021 AFP