[Grab has crashed 50% from $13 at opening to $6.5] Some investors thoughts on GRAB. Do you agree with them?

Grab has crashed 50% from $13 at opening to $6.5 now. This is the problem with SPAC listing. No real price discovery. And if we compare Grab to Uber, it’s still grossly overvalued. By 30% by my count.

On surface this looks bad for our ecosystem but I actually think it’s great for us to have this kind of wake up call. The public market is the best arbiter of value and it’s telling VCs and PEs investing in asean startups that there is a limit to selling based on potential and revenue, growth and profit numbers have to justify. More directly it’s telling all the upcoming SPAC type ipo of asean startups that you can lose big money if you don’t value the company properly!

Grab next 2-3 quarters of earnings will be key to see if there is indeed ridehailing and food delivery can be levered into a superapp with more promising engines of growth.

Ps: Of course not all of it is overvaluation at SPAC. There is some deflation of growth stock valuations happening. You can see many loss making tech companies like sea, crowd strike, unity falling recently.