SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

<ul><li>Despite a lot of enthusiasm leading up to the merger with SPAC Altimeter Growth Corp, Grab has had a weak market debut, with shares down nearly 30% this week.</li><li>Much of the excitement surrounding the deal stems from the fact that Grab holds the crown for the biggest SPAC deal to date and the underlying factors surrounding the valuation</li><li>At its current valuation, there is little room for upside, especially given the regulatory risk and the highly fragmented nature of some markets leading to more competition</li></ul>

Despite a lot of enthusiasm leading up to the merger with SPAC Altimeter Growth Corp, Grab has had a weak market debut, with shares down nearly 30% this week.Much of the excitement surrounding the deal stems from the fact that Grab holds the crown for the biggest SPAC deal to date and the underlying factors surrounding the valuationAt its current valuation, there is little room for upside, especially given the regulatory risk and the highly fragmented nature of some markets leading to more competition

Grab is Worth More Than the Sum its Parts

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Grab will start trading on Nasdaq today after Altimeter Growth Corp’s shareholders approved its merger with Grab on Tuesday.  </li>
<li>According to announcements in April, the deal will value the combine company at approx. US$39.6bn on a pro-forma basis and Grab will receive about US$4.5bn in cash.</li>
<li>The combined entity will trade under the ticker GRAB and will be one of the largest SPAC deals ever. Shareholder redemptions (shareholders opting out of the deal) were effectively 0.0%.</li>
</ul>


Grab will start trading on Nasdaq today after Altimeter Growth Corp’s shareholders approved its merger with Grab on Tuesday.  
According to announcements in April, the deal will value the combine company at approx. US$39.6bn on a pro-forma basis and Grab will receive about US$4.5bn in cash.
The combined entity will trade under the ticker GRAB and will be one of the largest SPAC deals ever. Shareholder redemptions (shareholders opting out of the deal) were effectively 0.0%.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about the recent updates since the company first reported its plans to list.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about the recent updates since the company first reported its plans to list.


Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

<ul><li>Two SoftBank-backed tech companies, Better (merging with AURC) and Grab (merger with AGC approved today), are about to receive a major capital infusion.</li><li>Better, announced it reworked its merger agreement to give the company access to $750M bridge financing now</li><li><p>Grab is set to close its SPAC merger tomorrow, giving the Southeast Asian “super-app” an estimated $4.5B in cash proceeds.</p></li></ul>

Two SoftBank-backed tech companies, Better (merging with AURC) and Grab (merger with AGC approved today), are about to receive a major capital infusion.Better, announced it reworked its merger agreement to give the company access to $750M bridge financing nowGrab is set to close its SPAC merger tomorrow, giving the Southeast Asian “super-app” an estimated $4.5B in cash proceeds.

2 SoftBank-backed companies getting an early Christmas present

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> released yet another knockout set of results in 3Q2021, representing the ninth quarter of triple-digit growth in GAAP sales plus management upgraded FY2021 guidance.</li>
<li>Key positives include e-commerce loss per order declining further in 3Q2021, take-rates improving further, marketplace revenues growing +151% YoY in 3Q2021 and good progress made in new markets. </li>
<li>Gaming adjusted EBITDA continues to cover losses from e-commerce despite slower growth from digital entertainment. We see the post-results correction as an opportunity to accumulate <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>. </li>
</ul>



Sea Ltd (SE US) released yet another knockout set of results in 3Q2021, representing the ninth quarter of triple-digit growth in GAAP sales plus management upgraded FY2021 guidance.
Key positives include e-commerce loss per order declining further in 3Q2021, take-rates improving further, marketplace revenues growing +151% YoY in 3Q2021 and good progress made in new markets. 
Gaming adjusted EBITDA continues to cover losses from e-commerce despite slower growth from digital entertainment. We see the post-results correction as an opportunity to accumulate Sea Ltd (SE US). 


United States

Altimeter Growth Corp operates as a blank check company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

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Altimeter Growth Corp (AGC US)

Grab is Worth More Than the Sum its Parts

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact. Despite a lot of enthusiasm...

subSPAC

Grab SPAC Listing: Avoid the Ride

Though Grab's SPAC listing would offer an opportunity to grab a share of the growing SEA market, Grab's financials do not justify its hefty...

Shifara Samsudeen, FCMA, CGMA

Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

In Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of...

Sumeet Singh

2 SoftBank-backed companies getting an early Christmas present

Two SoftBank-backed tech companies, Better (merging with AURC) and Grab (merger with AGC approved today), are about to receive a major capital...

SPAC Track

Sea Ltd (SE US) - The Sails Are Set

Sea Ltd (SE US) released knockout results in 3Q2021, representing the 9th quarter of triple-digit growth in GAAP sales plus management upgraded...

Angus Mackintosh

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