Ride hailing app Grab sees $40 billion stock market debut on Nasdaq

SINGAPORE: Singapore-based Grab, the major ride sharing app used in South East Asia, has made its stock market debut on New York's Nasdaq index, with shares initially rising before falling sharply.

Valued at more than $40 billion, the listing was the largest-ever U.S. listing for a South East Asian firm, but instead of a conventional share sale, Grab went public using a shell company, Spac, designed to make the