Benzinga | Jan 19, 2021 03:27AM EST

Southeast Asia's Most Valuable Startup Grab Mulls $2B US IPO: Reuters

SoftBank Group Corp (OTC:SFTBY)-backed ride-hailing firm Grab is looking to go public in the United States in 2021, Reuters reported Monday.

What Happened: The Singapore-based Grab -- which offers services akin to Uber Inc (NYSE:UBER) in multiple Southeast Asian countries -- is planning an IPO bolstered by investor appetite, people familiar with the matter told Reuters.

The offering could raise $2 billion, which would make it the largest overseas share offering by a Southeast Asian company.

"The market is good and the business is doing better than before. This should work well for public markets," according to a Reuters source.

Why It Matters: Grab, also backed by Japan's Mitsubishi UFJ Financial Group Inc (NYSE:MUFG), is the region's most valuable startup worth more than $16 billion, noted Reuters.

See Also: Ride-Sharing Company Grab Raises $856M, Seeks To Expand Its Financial Services

The ride-hailing service provider has also ventured into financial services. The company said group revenue has bounced back to pre-pandemic levels and expects its food delivery business to break even by the end of 2021, as per Reuters.