JPMorgan Chase & Co and Morgan Stanley, which are already advising Grab on its initial public offering plans, are working with the start-up to identify special purpose acquisition companies (Spac) that it could combine with, the people said.

Still, a US listing via a traditional IPO isn’t off the table, said the people, who asked not to be identified as the discussions are private.

Representatives for Grab and JPMorgan declined to comment, while a representative for Morgan Stanley didn’t immediately respond to requests for comment.

Merging with a Spac, a shell company whose sponsors raise money from investors in order to buy a private company and give it a berth on a public exchange, would allow Grab – Southeast Asia’s most valuable start-up backed by SoftBank Group Corp – to accelerate its listing process.

Several of the region’s tech unicorns including Traveloka are considering going public through blank-check companies to ride on the red-hot sentiment.

Sea Ltd’s decade-long journey from a scrappy start-up to Southeast Asia’s most valuable company has inspired many internet companies in the region to tap the capital markets to bankroll their expansion.

Singapore-based Sea, which runs mobile gaming and e-commerce businesses, went public in the US in 2017 after raising US$989 million and now has a market value of US$117 billion.

Grab’s listing considerations come after talks to combine with Indonesian rival Gojek collapsed.

The latter start-up is now in advanced discussions to merge with local e-commerce pioneer PT Tokopedia instead, creating a powerful player in online services that may then seek to go public as well, Bloomberg News has reported.