<p>-
- Singapore's Carro targets US IPO with over $3 billion valuation, sources say</p>
<p>Yantoultra Ngui, Fanny Potkin and Jun Yuan YongAugust 6, 2025 at 7:13 PM</p>
<p>By Yantoultra Ngui, Fanny Potkin and Jun Yuan Yong</p>
<p>SINGAPORE (Reuters) -Singapore-based Carro, Southeast Asia's largest used-car online marketplace, is preparing for a U.S. initial public offering as early as 2026 that could raise up to $500 million, according to sources familiar with the matter.</p>
<p>The company is aiming for a valuation of more than $3 billion, according to the sources, who could not be named discussing confidential information.</p>
<p>If successful, Carro's listing would be the largest Southeast Asian IPO in the U.S. since SEA's $989.3 million listing in 2017 and the third biggest Southeast Asian high-tech IPO in the United States, according to LSEG.</p>
<p>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.</p>
<p>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.</p>
<p>The IPO size is still under discussion and may change depending on market conditions, the sources added.</p>
<p>Carro did not immediately respond to an email request seeking comment on Wednesday.</p>
<p>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.</p>
<p>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.</p>
<p>With over 4,500 employees across Asia-Pacific, Carro has raised more than $1 billion in debt and equity from investors including Temasek, SoftBank and several other sovereign funds, according to its websites.</p>
<p>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.</p>
<p>(Reporting by Yantoultra Ngui, Fanny Potkin and Jun Yuan Yong. Editing by Scott Murdoch and Mark Potter)</p>
<a href="https://data852.click/5a32cd58501e613bf372/ee0a75caf0/?placementName=default" class="dirlink-1">Original Article on Source</a>
Source: "AOL AOL Money"
Source: AsherMag
Full Article on Source: Astro Blog
#US #ShowBiz #Sports #Politics #Celebs
