According to three sources familiar with the matter at hand, food delivery and ride hailing giant Grab is exploring a potential listing in the United States. The development comes midst robust investor appetite for IPOs.

Grab aims to raise at least $2 billion through the potential IPO, said a source, in what will be the biggest 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,” said the source.

According to sources, the size of the issue and its timing has yet to be finalized since they are subject to market conditions. Sources spoke on the condition of anonymity since they were not authorized to speak to the media.

Singapore-based Grab declined comment on its potential IPO.

SoftBank Group Corp and Mitsubishi UFJ Financial Group-backed Grab, has expanded rapidly since it was launched as a ride-hailing venture in Malaysia in 2012; it has emerged as the region’s most valuable startup, and has a valuation of more than $16 billion.

Recently, Grab has also obtained a digital bank license in Singapore; it also offers financial services.

In a statement it said its revenues are above pre-pandemic levels and that its ride-hailing business is breaking even in all its operating markets, including Indonesia, its biggest ride hailing market. It expects to break even its food delivery business by the end of the year.

The potential IPO comes after merger discussions with rival Gojek were cancelled.

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