Grab SPAC Presentation Deck
Cap table analysis at various prices
1.
2.
3.
($M)
Pre-money enterprise value
Grab's existing EV to equity value bridge
Pre-money equity value
Gross primary proceeds
PIPE size
SPAC cash in trust²
Sponsor promote
IPO Grant
GrabForGood Fund
PF post-money equity value
PF EV to equity value bridge
Grab's existing EV to equity value bridge
Net primary proceeds
Gross proceeds
Estimated transaction expense
PF enterprise value
Price per share ($)
Other metrics (M shares)
GrabForGood fund share commitment³
IPO Grant
Total Grab shares (fully diluted)
Exchange ratio
30,363
3,8971
34,260
4,540
4,040
500
125
427
200
39,552
8,287
3,897
4,390
4,540
(150)
31,265
10.00
20
33
2,629
1.30
(M)
Shares outstanding at merger close
Existing Grab Shareholders (rollover)
PIPE investor shares (including Sponsor co-investment)
SPAC investor shares
Sponsor promote shares
New IPO grant
GrabForGood fund shares
Total shares outstanding at merger close
Warrants (based on Treasury Stock Method)
Sponsor warrants
SPAC investors warrants
FPA investors' warrants
Net shares issued against sponsor warrants
Net shares issued against SPAC warrants
Net shares issued against FPA investors' warrants
Total net shares issued pursuant to warrants
Total diluted shares outstanding
PF ownership split (%)
Sponsor promote + warrants
SPAC investors + warrants
FPA investors' warrants
PIPE investors (including sponsor co-investment)
Existing Grab shareholders
IPO grant
GrabForGood fund
Total
$10.00 $11.50
3,426.0
404.0
50.0
12.5
42.7
20.0
3,955.2
12.0
10.0
4.0
3,426.0 3,426.0
404.0 404.0
50.0
50.0
12.5
12.5
42.7
42.7
20.0
3,955.2
20.0
3,955.2
12.0
10.0
4.0
3,955.2 3,955.2
0.3%
1.3%
Share price
$12.50 $15.00 $17.50 $18.00
12.0
10.0
4.0
FOON
1.0
0.8
0.3
2.1
3,957.3
3,426.0 3,426.0
404.0
404.0
50.0
50.0
12.5
12.5
42.7
20.0
3,955.2
42.7
20.0
3,955.2
12.0
10.0
4.0
N
2.8
2.3
0.9
6.1
3,961.3
12.0
10.0
4.0
4.1
3.4
1.4
8.9
3,964.1
0.3%
0.3%
0.4%
0.4%
1.3%
1.3%
1.3%
1.3%
0.0%
0.0%
0.0%
0.0%
0.0%
10.2% 10.2%
10.2%
86.6%
10.2% 10.2%
86.5%
1.1%
86.4%
1.1%
86.6% 86.6%
1.1%
1.1%
1.1%
0.5% 0.5% 0.5%
0.5%
0.5%
100.0% 100.0% 100.0% 100.0% 100.0%
3,426.0
404.0
50.0
12.5
42.7
20.0
3,955.2
12.0
10.0
4.0
4.3
3.6
1.4
9.4
3,964.6
0.4%
1.4%
0.0%
10.2%
86.4%
1.1%
0.5%
100.0%
Note: As of March 31, 2021; Indicative (i.e PIPE size and valuation metrics subject to finalisation) and subject to final update prior to signing; An existing JV partner in a Grab subsidiary has the option to swap its shares in the Grab subsidiary into the
listco which could result in additional 42,146,630 listco shares issued, approximately 6 months from listing; An existing JV partner in another Grab subsidiary has the option to swap its shares in the Grab subsidiary into the listco which could result in
additional 79,302,487 listco shares issued, approximately 3 years from now; Excludes shares reserved for the new ESOP / ESPP plans
Includes $400M of committed funding and $322M in estimated tax benefits
SPAC sponsor has the ability to replace up to $500M of potential redemptions from the cash in trust. Excludes interest earned in the trust. SPAC cash amount subject to change depending on the actual interest earned in the trust
Shares committed by Grab to fund GrabForGood fund
49View entire presentation