According to reports, the SoftBank-backed Southeast Asian used car trading platform Carro is considering confidentially filing for an initial public offering in the United States as early as this month.
Sources familiar with the matter have revealed that the Singapore-based company is working with advisors on a potential fundraising that could reach up to $500 million.
These sources also indicated that Carro is evaluating the possibility of a secondary listing in Singapore via the Singapore Exchange's "Global Listing Board."
This mechanism allows companies with a market capitalization exceeding 20 billion Singapore dollars (approximately $15 billion) to achieve a dual listing on both Nasdaq and the SGX by submitting only one set of listing documents.
Discussions are still ongoing, and details such as the size and timing of the offering are subject to change, the sources added.
Carro stated that it regularly evaluates potential financing plans and will provide updates at the appropriate time.
Separate reports indicate that Singapore-based data center operator DayOne Data Centers Ltd. is also considering listings in both Singapore and the United States.
Founded in 2015, Carro operates a used car trading platform while also providing financing, insurance, and after-sales services.
The company's business spans multiple markets, including Singapore, Indonesia, Australia, Japan, Thailand, Hong Kong, and Taiwan.
In addition to SoftBank, Carro's investors include Singapore's sovereign wealth fund GIC and Cool Japan.
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