Carsome to delay its US-Singapore dual listing amid valuation concerns
Malaysian online car sales platform Carsome, which operates a used-car online marketplace across Southeast Asia, said it is delaying its planned dual listing in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation, Bloomberg News cited insiders.
Malaysia’s most valuable technology start-up has halted preparations for the planned share offerings that were scheduled for this year, the report said, adding that the company might resume the process next year in case market conditions improve. A representative for Carsome declined to comment.
Plans were to raise a total of $400 million in the dual listing which would have valued the company at around $2 billion.
Backed by Qatar Investment Authority
Carsome raised $290 million in January 2022 in a series E round led by the Qatar Investment Authority, as well as 65 Equity Partners and Seatown Private Capital Master Fund, both of which are backed by Singapore’s Temasek. The funding brought the firm’s valuation to $1.7 billion.
Founded in 2015, Carsome from its home market Malaysia has since expanded into Indonesia, Thailand and Singapore. The company employs more than 3,000 staff, works with more than 8,000 dealers and handles more than 100,000 transactions on an annualised basis and also offers car inspection, financing and ownership transfers, according to its website. It completed the acquisition of Australia-listed iCar Asia for about $132 million earlier this year.
Malaysian online car sales platform Carsome, which operates a used-car online marketplace across Southeast Asia, said it is delaying its planned dual listing in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation, Bloomberg News cited insiders. Malaysia’s most valuable technology start-up has halted preparations for the planned share offerings that were scheduled for this year, the report said, adding that the company might resume the process next year in case market conditions improve. A representative for Carsome declined to comment. Plans were to raise a total of $400 million in the dual listing which...
Malaysian online car sales platform Carsome, which operates a used-car online marketplace across Southeast Asia, said it is delaying its planned dual listing in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation, Bloomberg News cited insiders.
Malaysia’s most valuable technology start-up has halted preparations for the planned share offerings that were scheduled for this year, the report said, adding that the company might resume the process next year in case market conditions improve. A representative for Carsome declined to comment.
Plans were to raise a total of $400 million in the dual listing which would have valued the company at around $2 billion.
Backed by Qatar Investment Authority
Carsome raised $290 million in January 2022 in a series E round led by the Qatar Investment Authority, as well as 65 Equity Partners and Seatown Private Capital Master Fund, both of which are backed by Singapore’s Temasek. The funding brought the firm’s valuation to $1.7 billion.
Founded in 2015, Carsome from its home market Malaysia has since expanded into Indonesia, Thailand and Singapore. The company employs more than 3,000 staff, works with more than 8,000 dealers and handles more than 100,000 transactions on an annualised basis and also offers car inspection, financing and ownership transfers, according to its website. It completed the acquisition of Australia-listed iCar Asia for about $132 million earlier this year.
