Southeast Asian super-app Grab has given investors a preview of its life as a public company. The Singapore-based firm announced that adjusted net sales rose 39% year-on-year to a record high of $507 million in the three months ended March. That’s just shy of a quarter of the $2.3 billion the company forecasts it will make for the entire year. It highlighted some bright spots: Grab’s net loss fell 15% to $652 million, while its adjusted EBITDA loss also narrowed. Adjusted net sales for deliveries, making up more than half of the group’s total, also nearly doubled to $293 million.
Didi looks short on engine power. The Beijing-based ride-hailing group is revving up for what might be the biggest Chinese share offering in New York since Alibaba's (9988.HK) blockbuster debut seven years ago. Boss Will Wei Cheng hopes to raise $10 billion at a $100 billion valuation, Reuters reported citing sources. That uplift from Didi's previous $60 billion or so price tag in 2018 looks out of range.
Southeast Asia's Grab, which is going public through a merger worth $40 billion with special-purpose acquisition company Altimeter Growth Corp (AGC.O). Grab said its consolidated gross merchandise value during the first quarter of 2021 was $3.6 billion, an increase of 5.2% over same period a year ago.