Grab Holdings Limited

Overview Key strengths Key risks Among the top ride-hailing and food delivery platform operators in Southeast Asia Geographic footprint focused on Southeast Asia, with limited revenue scale as compared with rated global peers. Ample liquidity to tolerate cash burn until the turnaround in financial performance expected in 2023. Engaged in a highly competitive and nascent industry, with exposure to evolving regulatory risks. Negative EBITDA and free operating cash flow to persist over the next 12 months. Proceeds of US$4.5 billion from the listing has added to its cash and cash equivalents of US$5 billion as of Sept. 30, 2021. Grab's capital structure has become more sustainable with the elimination of its 2023 debt maturity wall. Grab's convertible redeemable preference shares

...Grab Holdings Ltd.'s listing has bolstered the company's liquidity and addressed the entity's 2023 maturity wall. Proceeds of US$4.5 billion from the listing has added to its cash and cash equivalents of US$5 billion as of Sept. 30, 2021. Grab's capital structure has become more sustainable with the elimination of its 2023 debt maturity wall. Grab's convertible redeemable preference shares have been converted into equity upon its listing on the U.S. NASDAQ stock market, and thus are no longer redeemable in 2023. Grab previously relied on funding from investors in the form of convertible securities, from which the company had raised about US$10 billion since 2014....

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