Grab Holdings Inc. is mulling over a US listing that would value the tech unicorn at US$35-40bn, which would be the largest deal on record.
It is currently discussing a deal with a special purpose acquisition company (SPAC) affiliated with Altimeter Capital Management LP to speed up the process.
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It would involve raising between US$3-4bn as part of a PIPE, a funding round that often comes with blank-check companies mergers, The Wall Street Journal reported.
Much like Uber, the Singaporean giant – backed by Japanese conglomerate SoftBank – offers ride-hailing transport services as well as food delivery.
SPACs, which are listed cash shells with the purpose of acquiring a private company, have become a huge market in the US and the idea is starting to migrate to Europe with Amsterdam currently the hub of activity.
Several tech unicorns in Southeast Asia are considering going public through this method, such as airline ticketing and hotel booking services provider Traveloka.