Grab is finally listed on the Nasdaq, successfully completing its Wall Street and US debut. However, it seems that the Singapore-based company is in for a roller coaster ride after its shares rose to as much as 21% before plummeting to 23% lower minutes after the listing.

For Southeast Asian companies like Grab, being listed on the Nasdaq or National Association of Securities Dealers Automated Quotations is a huge feat. Nasdaq is a global electronic marketplace for trading securities where tech giants such as Apple and Google are listed.  The Singapore-based startup company even had to merge with a special-purpose acquisition company (SPAC), backed by Altimeter Capital, just to realize its US debut.

However, being listed on Nasdaq is one thing, preventing shares from plummeting is another. Grab closed down nearly 21% on Thursday when it began trading on the New York Nasdaq.

Nonetheless, Anthony Tan, Chief Executive Officer of Grab, told Reuters: “The price makes no difference to me. I’m going to celebrate tonight and get back to work tomorrow.” 

The company celebrated its US debut by kicking off a huge event in Singapore, hosted by Nasdaq and Grab’s executives. The event was attended by its investors, drivers, merchants, and employees. Tan thanked all of them for putting Grab and Southeast Asia’s tech economy on the global map.

Grab’s US market debut, with a value near $40 billion, is the largest so far from a Southeast Asian company.