Grab's dismal Nasdaq debut a wake-up call for ASEAN startups

'Realistic valuation' now key after Singapore superapp dives 21% in first day

Grab's CEO Anthony Tan and co-founder Tan Hooi Ling celebrate as they attend the Grab Bell Ringing Ceremony at a hotel in Singapore on Dec. 2. © Reuters

KENTARO IWAMOTO and SHOTARO TANI, Nikkei staff writers

December 3, 2021 20:02 JST

SINGAPORE/JAKARTA -- Singaporean superapp Grab's much-anticipated U.S. listing turned out to be a bitter debut on Thursday, with shares ending their first trading day down nearly 21%.

While Grab's longer-term price performance remains to be seen, one analyst says the initial slump is a warning for other Southeast Asian startups planning to go public to target "more realistic valuations."