Grab Holdings announced a proposal to offer US$1.25 billion in convertible senior notes, signaling a move to build up its funds for potential acquisitions.
The notes, due in 2030, will be offered subject to market conditions.
Grab said the proceeds will be used to support general corporate needs, strategic flexibility including potential acquisitions, and share repurchases.
The company emphasised that it will remain selective in pursuing deals and “maintain a high bar for such transactions”.
The notes may be settled in cash, Class A Ordinary Shares, or a combination of both upon conversion.
As part of the transaction, Grab also plans to repurchase a portion of its Class A Ordinary Shares through privately negotiated deals with some note purchasers.
These buybacks are expected to fall under Grab’s US$500 million share repurchase programme, which had US$274 million remaining as of March 2025.
The announcement follows Grab’s recent denial of reports that it was in talks to acquire Indonesia’s GoTo.
Media outlets had reported that Grab was exploring a potential US$7 billion deal and had hired advisers, but Grab clarified in a stock exchange filing that no discussions or agreements are underway.
Grab noted Indonesia remains a key market, with on-demand gross merchandise value rising 19% in April and May compared to a year earlier. Mobility rides for the same period grew 23%.
While the new offering does not confirm any specific acquisition plans, it comes after several recent deals.
In the past five months, Grab acquired stakes in Cambodian delivery app Nham24, Malaysian supermarket chains Everrise and Jaya Grocer, and Singapore-based SME lending platform Validus Capital through its digital bank, GXS.
The company has applied to list the notes on the Singapore Exchange.
The securities will be offered only to non-U.S. institutional buyers and are not registered under the U.S. Securities Act.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
