Singapore-based tech company Grab’s shares have tumbled more than 30 percent since it was first traded on the Nasdaq on Dec. 2, 2021. Reaping proceeds of $4.5 billion, its high-profile debut on the Nasdaq attracted much attention, marking the largest U.S. public listing by a company from Southeast Asia. The listing came after Grab agreed to a $40 billion merger with tech investor Altimeter Capital Management’s special-purpose acquisition company (SPAC), Altimeter Growth Corp., in April. The SPAC deal is also the largest of its kind. While some saw Grab’s listing as a milestone for Southeast Asia’s tech startup scene, analysts were also cautious of potential overvaluations. Mixed Views Not all analysts were optimistic due to Grab’s loss-making operations. S&P Global Ratings cautioned in a bulletin that the company’s “credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 …
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