Grab closes 20% lower on its debut

Softbank-backed ride-hailing giant Grab closed more than 20% lower on its first day of trading on the NASDAQ at $8.75 apiece yesterday. The company started trading under ticker symbol “GRAB” at $13.06 per share following a deal with Altimeter Growth Corp. earlier this year that valued the start-up at nearly $40 billion, becoming the largest-ever SPAC merger.

Founded in 2011, Grab serves more than 187 million users in over 465 cities across eight countries in most of Southeast Asia.