- The stock price of Altimeter Growth Corp (NASDAQ: AGC) increased by over 15% pre-market. This is why it happened.
The stock price of special purpose acquisition company (SPAC) Altimeter Growth Corp (NASDAQ: AGC) increased by over 15% pre-market. Investors appear to be responding to reports that Altimeter will be taking Grab public at a $35 billion valuation.
Grab is known as being one of the most valuable startups in Southeast Asia. The company originally started out as a ride-hailing service, but then it expanded to digital payments, insurance, loans, and food delivery within a few years.
The deal to take Grab public could happen as early as this week, according to Financial Times. Altimeter Growth raised a total of $850 million for Altimeter Growth (NASDAQ:AGC) and Altimeter Growth 2 (NYSE:AGCB).
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