Singaporean company Carro, which is also Southeast Asia’s largest used-car online marketplace, is preparing for an initial public offering (IPO) in the US as early as 2026 that could raise up to US$500 million (S$642 million), according to sources familiar with the matter.
The company is reportedly targeting a valuation of more than US$3 billion (S$3.85 billion).
If successful, Carro’s listing would be the largest Southeast Asian IPO in the US, overtaking Shopee parent Sea Limited’s US$989.3 million listing in 2017, and the third biggest Southeast Asian high-tech IPO in the US.
Carro would also be the first major automotive tech and artificial intelligence-driven commerce startup from Singapore to go public in the United States.
The firm 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.
However, the IPO size is still under discussion and may change depending on market conditions, the sources added.
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 website said.
With over 4,500 employees across Asia-Pacific, Carro has raised more than US$1 billion in debt and equity from investors such as Temasek, Softbank and several other sovereign funds, according to its website.
A successful listing could open the door for other regional unicorns like Carsome, Traveloka and Xendit to follow suit.
Vulcan Post has reached out to Carro for additional comments.
