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Shares of Grab Holdings didn’t get the pickup many investors were hoping for on their first day of trading on the Nasdaq Thursday, following a record-breaking merger with a special-purpose acquisition company.

The southeast Asian “superapp” company’s stock lost more than a third of its value at one point, falling to a low of $8.13 after opening at $13.06. 

The shares climbed to a high of $13.29 in early Thursday trading before heading into reverse. 

The stock closed the day down 20.5% to $8.75.

In April, the Singapore-based company, which offers ride-hailing, food delivery and digital payments, agreed to combine with the SPAC Altimeter Growth, an investment vehicle backed by Silicon Valley's Altimeter Capital Management, in a deal valuing it at nearly $40 billion.

It was touted as the biggest acquisition ever by a blank-check company (a nickname for a SPAC), which raises money with the purpose of seeking a target to merge with and take public.

On Wednesday, Grab confirmed the merger with Altimeter Growth after raising funds from investors including Fidelity, BlackRock, T. Rowe Price, Abu Dhabi sovereign wealth fund Mubadala and Singapore government investment arm Temasek.

Grab’s decision to list in New York through a SPAC comes after the Singapore Exchange announced a proposed framework in March for blank-check companies to potentially list in the city-state following a market consultation.

Grab co-founders Anthony Tan and Tan Hooi Ling founded the company in 2012 as a college project while at Harvard Business School.

They celebrated their company’s public debut with employees and partners at what they said was the Nasdaq’s first-ever opening bell ceremony to be hosted in Singapore.

“It’s important to us not to lose sight of what this was all built on. The heart and hard work of our Grabbers to serve our partners, and in turn, the dedication of our partners towards serving their customers. That’s why we chose to hold the ceremony close to home,” Tan said in a statement. “To be here, amongst our community, sharing the moment with them as we cross the threshold into a new chapter of our journey.”