Seize to go public in largest SPAC deal to this point

Information Technology

The merger with Altimeter Capital’s clean cheque car will deliver the Southeast Asian ‘tremendous app’ public at a $39.6bn valuation.

Seize, the Singaporean ride-hailing and supply large backed by Softbank, goes public via a merger with a clean cheque firm.

In what would be the largest deal of its form, Seize is merging with a particular function acquisition firm at a $39.6bn valuation that may see the Southeast Asian firm go public on the Nasdaq.

Seize started as an Uber rival serving the area and has since morphed right into a broader supply and fintech agency – or ‘tremendous app’ it calls itself – and it’ll crew up with a SPAC referred to as Altimeter Progress Corp, established by VC agency Altimeter Capital.

The corporate has lengthy been tipped for going public. By merging with a SPAC that’s already listed on the inventory alternate, Seize can go public with none of the lead time of an IPO. The strategy has proved to be extremely popular over the past yr.

On prime of its hefty valuation, Seize will obtain round $4.5bn in contemporary funds from buyers together with BlackRock, Constancy, T. Rowe Value and Temasek to finance additional development and growth.

“It is a milestone in our journey to open up entry for everybody to learn from the digital financial system. That is much more vital as our area recovers from Covid-19. It was very difficult for us too, nevertheless it taught us immensely in regards to the resiliency of our enterprise,” Seize chief government Anthony Tan mentioned.

“Our diversified tremendous app technique helped our driver-partners pivot to deliveries, and enabled us to ship development whereas bettering profitability. As we develop into a publicly-traded firm, we’ll work even tougher to create financial empowerment for our communities, as a result of when Southeast Asia succeeds, Seize succeeds.”

The Alimeter SPAC is headed up by Brad Gerstner, the CEO of Altimeter Capital, which lately backed Plaid in a big spherical.

Gerstner mentioned that Seize nonetheless had quite a lot of the Southeast Asian market to focus on.

“As one of many world’s largest and fastest-growing web firms, Seize is paving the digital path ahead for the 670m residents of Southeast Asia,” he mentioned.

Since its founding, Seize has raised over $12bn in funding with Japan’s Softbank being its most notable backer.

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