Grab Eyes US$1.25 Billion Fundraise Amid Acquisitions Buzz

Grab Holdings has announced its intention to issue US$1.25 billion in convertible senior notes due in 2030, with the goal of raising funds for potential acquisitions and providing financial flexibility. The proceeds from the notes are also earmarked for general corporate purposes and share repurchases. Convertible into either cash, Class A Ordinary Shares, or a combination, depending on market conditions, these notes reflect Grab's strategic focus on financial adaptability. Additionally, the company plans to repurchase some of its shares privately, supported by its existing US$500 million repurchase programme, with US$274 million still available for repurchases as of March 2025. Prior to this announcement, Grab firmly denied media reports that it was in acquisition talks with Indonesia's GoTo, emphasized by a stock exchange filing clarifying the lack of ongoing discussions or agreements. Despite the denial, the move to issue convertible notes suggests Grab's continued interest in strategic expansions, highlighted by recent acquisitions across Southeast Asia, including stakes in Cambodian, Malaysian, and Singaporean enterprises. Furthermore, Grab has applied for listing these securities on the Singapore Exchange, targeting non-U.S. institutional buyers.