SINGAPORE -- Singapore tech group Grab will accelerate its technology investments with some of the $4.5 billion it raised by listing in the U.S., its chief executive said on Thursday, ahead of what turned out to be a dismal first day of trading for the company's shares.
The stock fell 20.5% on the Nasdaq after it completed its merger with the special purpose acquisition company Altimeter Growth Corp., closing at $8.75. A "superapp" that offers services from ride-hailing to food delivery and mobile payments to millions of users in Southeast Asia, Grab was valued at just under $35 billion at the end of the trading session.
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