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.
Key Highlights
- 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.
Other Notable Investors of Carsome
Previous Highlights
- Carsome has acquired a 51% stake in Singapore-based used car dealer and parallel importer, CarTimes Group last March.
- On 18 March 2022, Public Bank Bhd and Carsome have signed a memorandum of understanding (MoU) for a car financing collaboration.
- Carsome has completed its acquisition of iCar Asia, an automotive listing platform in Southeast Asia for US$200 million during February 2022.
- Carsome had raised US$290 million in a Series E funding round during January 2022.
