Grab advances after upsized $1.5 bln convertible notes sale

Shares of Singapore-based ride-hailing and delivery firm Grab Holdings GRAB.O up 1.9% premarket to $4.77 after raising more capital than targeted

Co announced pricing $1.5 bln 0% 5-yr convertible notes offering

Initial conversion price set at $6.55, 40% above stock's last close

GRAB shares on Tues fell 6% to close at $4.68 after co launched $1.25 bln notes deal late Mon

Co says plans to use net proceeds for general purposes, and for strategic flexibility, which may include potential acquisitions

Concurrently with offering, it plans to repurchase approx $273.5 mln worth of its shares from certain purchasers of the notes in privately negotiated transactions to facilitate initial hedging

Early Mon, GRAB denied reports of talks for a potential deal with smaller Indonesian rival GoTo GOTO.JK

GRAB has about $19 bln market cap, per LSEG data

Through Tues close, stock down nearly 1% YTD

22 of 24 analysts rate stock "strong buy" or "buy", 2 rate "hold" and median PT is $5.68, latest LSEG data reflects