Technology trends in F&B industry showcased at tradeshow in Singapore
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Straits Times
25 minutes ago
- Straits Times
Singapore's Carro targets US IPO with over $3.8 billion valuation, sources say
Sign up now: Get ST's newsletters delivered to your inbox If successful, Carro's listing would be the largest South-east Asian IPO in the US since Shopee parent Sea's listing in 2017. SINGAPORE - Singapore-based Carro, South-east Asia's largest used-car online marketplace, is preparing for a US initial public offering (IPO) as early as 2026 that could raise up to US$500 million (S$642.6 million), according to sources familiar with the matter. The company is aiming for a valuation of more than US$3 billion (S$3.8 billion), according to the sources, who could not be named discussing confidential information. If successful, Carro's listing would be the largest South-east Asian IPO in the United States since Shopee parent Sea's 989.3 million listing in 2017 and the third biggest South-east Asian high-tech IPO in the US, according to LSEG. It would also be the first major automotive tech and artificial intelligence or AI-driven commerce start-up from Singapore to go public in the US. Carro is on track to deliver US$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 Aug 6. Top stories Swipe. Select. Stay informed. Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds World Trump eyes 100% chips tariff, but 0% for US investors like Apple World White House says Trump open to meeting Russia's Putin and Ukraine's Zelensky Singapore MRT track issue causes 5-hour delay; Jeffrey Siow says 'we can and will do better' Singapore ST Explains: What is a track point fault and why does it cause lengthy train disruptions? Singapore ST and Uniqlo launch design contest for Singapore stories T-shirt collection Asia Malaysia plans barrierless toll system modelled after Singapore's ERP Singapore S'pore and Indonesia have discussed jointly developing military training facilities: Chan Chun Sing 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 US$1 billion in debt and equity from investors including Temasek, SoftBank 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 South-east Asia, a growing number of Chinese companies are also eyeing US listings, drawn by the potential for higher valuations despite ongoing geopolitical tensions. REUTERS
CNA
25 minutes ago
- CNA
SoftBank's AI investment spree to be in focus on at Q1 earnings
TOKYO :When Japan's SoftBank Group reports earnings on Thursday, its mammoth investments in artificial intelligence companies are set to take the spotlight. Analysts and investors are keen for updates on how they will be financed, the timeline for returns to materialise and whether assets will be sold to fund the new projects. SoftBank has embarked on its biggest spending spree since the launch of its Vision Funds in 2017 and 2019. It is leading a $40 billion funding round for ChatGPT maker OpenAI. SoftBank has until the end of the year to fund its $22.5 billion portion, although the remainder has been subscribed, according to a source familiar with the matter. It is also leading the financing for the Stargate project - a $500 billion scheme to develop data centres in the United States, part of its effort to position itself as the "organiser of the industry," founder Masayoshi Son said in June. SoftBank has yet to release details on what kinds of returns its financing of the Stargate project could generate. The extent of third-party investment will determine what other financing tools, such as bank loans and debt issuance, it may have to deploy. In July, SoftBank raised $4.8 billion by selling off a portion of its holding in T-Mobile. "If other sources of capital are less supportive, SoftBank could look to asset-backed finance, which is collateralised by equity in other holdings," Macquarie analyst Paul Golding said. The Japanese conglomerate is expected to post a net profit of 127.6 billion yen ($865 million) in the April-June quarter, according to the average estimate of three analysts polled by LSEG. That would mark SoftBank's second consecutive quarter of profit and follow its first annual profit in four years when it was helped by a strong performance by its telecom holdings and higher valuations for its later-stage startups. Its results are, however, typically very volatile and difficult to estimate due to manifold investments, many of which are not listed. SoftBank's performance in exiting from investments and distributing profits has been patchy of late. The Vision Funds had made a cumulative investment loss of $475 million as of end-March. That said, 13 of 18 analysts have a "buy" or "strong buy" rating for SoftBank's stock, according to LSEG. Although there is some concern in the market that AI-related valuations have become bubbly, they continue to climb. OpenAI is in early-stage discussions about a stock sale that would allow employees to cash out and could value the company at about $500 billion, according to the source - a huge jump from its current valuation of $300 billion.
CNA
25 minutes ago
- CNA
South Korea June current account at biggest surplus on record
SEOUL :South Korea posted a record-high current account surplus in June on strong demand for technology exports, central bank data showed on Thursday. The country's current account stood at a surplus of $14.27 billion, up from $10.14 billion in May. It was the biggest monthly surplus in the data series dating back to January 1980. The balance of goods logged a surplus of $13.16 billion, up from the previous month's $10.66 billion and the biggest since September 2017, on robust exports of semiconductors and computer devices, according to the Bank of Korea.
