Malaysian online car sales platform plans stock listing in the US
20 June, 2021
Malaysian car or truck online platform Carsome is considering an initial public offering (IPO) in the US in a deal that could make it Malaysia’s first unicorn, a startup valued at more than $1 billion, Bloomberg News cited insiders.
The Kuala Lumpur-headquartered company happens to be dealing with advisers and is seeking a valuation of about $2 billion in the listing, that could happen through a merger with a particular purpose acquisition company (SPAC) or a conventional IPO, the report said. The listing could happen as soon as the end of the year, it added.
Currently, Carsome is conducting a pre-IPO funding round that aims to improve about $150 million.
Founded in 2015, Carsome describes itself as “Southeast Asia’s greatest integrated car e-commerce platform,” providing end-to-end solutions and services to consumers and car or truck dealers which range from inspection to ownership transfer to financing.
Apart from Malaysia, the company has a occurrence in Indonesia, Thailand and Singapore and a current transaction level of 100,000 cars per annum at an aggregated sales value of $800 million, according to its website. It works together with a lot more than 8,000 car or truck dealers who have collectively made a lot more than 2.3 million bids up to now.
Carsome’s regional rival, Singaporean used car platform Carro, just recently raised $360 million because of its expansion to Thailand and Indonesia before likewise pursuing a US listing.
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