Southeast Asias ride-hailing huge Grab announced Tuesday that its set to go public through a SPAC merger with Altimeter Growth Corp., in an offer that values the business at $39.6 billion– the biggest blank-check merger to date.Grab states it means to note on the Nasdaq under ticker symbol “GRAB” following the deals completion.SPACs, or special function acquisition companies, are blank-check companies or shell business set up for the purpose of raising capital to get personal business. The Singapore-based company has operations throughout many of Southeast Asia, and serves more than 187 million users in over 350 cities throughout eight countries.While SPACs have become a hot investment automobile on Wall Street, theyre also gaining traction in Asia with 6 regional-focused SPAC companies that have actually collectively raised $2.7 billion therefore far in 2021. Its not only drawn the attention of the U.S. Securities and Exchange Commission, however likewise financiers who are fearful of a market bubble.Still, new offers continue to flood the market– more than 100 in March alone, according to SPAC Research.While Grabs merger remains record-setting, Boston-based biotech business Ginkgo Bioworks, ranked No. 44 on last years CNBC Disruptor 50 list, is said to be thinking about an equally-massive $20 billion blank-check merger of its own, according to Bloomberg.Throughout the pandemic, Southeast Asia saw a rise in the usage of digital services like e-commerce, food delivery and online payment.