Singapore's Carro targets US IPO with over $3 billion valuation, sources say
The company is aiming for a valuation of more than $3 billion, according to the sources, who could not be named discussing confidential information.
If successful, Carro's listing would be the largest Southeast Asian IPO in the U.S. since SEA's (SE.N), opens new tab $989.3 million listing in 2017 and the third biggest Southeast Asian high-tech IPO in the United States, according to LSEG.
It would also be the first major automotive tech and artificial intelligence or AI-driven commerce startup from Singapore to go public in the United States.
Carro is on track to deliver $100 million in annual earnings before interest, taxes, depreciation, and amortisation by its fiscal year ending March 2026, one of the sources said.
The IPO size is still under discussion and may change depending on market conditions, the sources added.
Carro did not immediately respond to an email request seeking comment on Wednesday.
Founded in 2015, Carro operates a digital platform that enables consumers and dealers to buy and sell vehicles, while also offering insurance, financing and after-sales services.
Besides Singapore, it has a presence in markets across the Asia-Pacific region including Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong, its websites show.
With over 4,500 employees across Asia-Pacific, Carro has raised more than $1 billion in debt and equity from investors including Temasek (TEM.UL), SoftBank (9434.T), opens new tab and several other sovereign funds, according to its websites.
A successful listing could pave the way for other regional unicorns such as Carsome, Traveloka and Xendit to follow suit. Beyond Southeast Asia, a growing number of Chinese companies are also eyeing U.S. listings, drawn by the potential for higher valuations despite ongoing geopolitical tensions.
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