Grab Holdings Ltd. ’s shares turned red after initially opening higher on their first day of trading in New York, after the Southeast Asian ride-hailing and delivery giant completed a record-breaking merger with a special-purpose acquisition company.

Shares recently fell 9.6% to $9.95, giving Grab a market capitalization of roughly $37.9 billion. The Singapore-based firm in April agreed to combine with the SPAC Altimeter Growth Corp. in a deal that valued it at close to $40 billion, setting a high-water mark for transactions involving blank-check companies, which raise money with the purpose of seeking a target to merge with and take public.

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