Malaysian online car sales platform plans stock listing in the US

Malaysian used car online platform Carsome is considering an initial public offering (IPO) in the US in a deal that would make it Malaysia’s first unicorn, a startup valued at more than $1 billion, Bloomberg News cited insiders.

The Kuala Lumpur-headquartered company is currently working with advisers and is seeking a valuation of about $2 billion in the listing, which could happen through a merger with a special purpose acquisition company (SPAC) or a conventional IPO, the report said. The listing could take place as soon as the end of this year, it added.

Currently, Carsome is conducting a pre-IPO funding round that aims to raise about $150 million.

Founded in 2015, Carsome describes itself as “Southeast Asia’s largest integrated car e-commerce platform,” providing end-to-end solutions and services to consumers and used car dealers ranging from inspection to ownership transfer to financing.

Around 100,000 car transaction per year

Apart from Malaysia, the company has a presence in Indonesia, Thailand and Singapore and a current transaction volume of 100,000 cars per annum at an aggregated sales value of $800 million, according to its website. It works with more than 8,000 used car dealers who have collectively made more than 2.3 million bids so far.

Carsome’s regional rival, Singaporean used car platform Carro, just recently raised $360 million for its expansion to Thailand and Indonesia before likewise pursuing a US listing.



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Malaysian used car online platform Carsome is considering an initial public offering (IPO) in the US in a deal that would make it Malaysia’s first unicorn, a startup valued at more than $1 billion, Bloomberg News cited insiders. The Kuala Lumpur-headquartered company is currently working with advisers and is seeking a valuation of about $2 billion in the listing, which could happen through a merger with a special purpose acquisition company (SPAC) or a conventional IPO, the report said. The listing could take place as soon as the end of this year, it added. Currently, Carsome is conducting a pre-IPO...

Malaysian used car online platform Carsome is considering an initial public offering (IPO) in the US in a deal that would make it Malaysia’s first unicorn, a startup valued at more than $1 billion, Bloomberg News cited insiders.

The Kuala Lumpur-headquartered company is currently working with advisers and is seeking a valuation of about $2 billion in the listing, which could happen through a merger with a special purpose acquisition company (SPAC) or a conventional IPO, the report said. The listing could take place as soon as the end of this year, it added.

Currently, Carsome is conducting a pre-IPO funding round that aims to raise about $150 million.

Founded in 2015, Carsome describes itself as “Southeast Asia’s largest integrated car e-commerce platform,” providing end-to-end solutions and services to consumers and used car dealers ranging from inspection to ownership transfer to financing.

Around 100,000 car transaction per year

Apart from Malaysia, the company has a presence in Indonesia, Thailand and Singapore and a current transaction volume of 100,000 cars per annum at an aggregated sales value of $800 million, according to its website. It works with more than 8,000 used car dealers who have collectively made more than 2.3 million bids so far.

Carsome’s regional rival, Singaporean used car platform Carro, just recently raised $360 million for its expansion to Thailand and Indonesia before likewise pursuing a US listing.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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