Malaysia-based online used car platform, Carsome is set to go public on New York's Nasdaq and the Singapore Stock Exchange with a company valuation of US$2 billion.
The used car marketplace platform is said to have confidentially filed for the initial public offering (IPO) with Nasdaq according to DealStreetAsia.
Carsome aims to raise US$400 million in the stock market which was encouraged by one of Carsome’s key investors, 65 Equity Partners, a unit of Singapore sovereign-wealth fund Temasek Holdings.
As of January 2022, the company is valued at US$1.7 billion with operations in Malaysia, Singapore, Thailand, and Indonesia; with a team of more than 3,000 people across all of its offices.
The company currently caters to both consumers and used car dealers, with services from car inspection to financing and ownership transfers.
In Malaysia, Carsome claims as the only car listing marketplace that provides 175 car inspection points and allows customers to test own the vehicles with a 5-day money-back guarantee.
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