Singapore's Carro targets US IPO with over $3.8 billion valuation, sources say
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.
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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
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