Malaysia’s Carsome plans dual listing in US and Singapore
Malaysian online car sales platform Carsome is reportedly seeking to go public through a dual listing on the Nasdaq in the US and the Singapore Stock Exchange, Deal Street Asia wrote, referring to people familiar with the matter.
The used car marketplace has already filed for the initial public offering (IPO) with Nasdaq and a Singapore filing would follow, the report said. The dual listing seeks to raise a total of $400 million and would value the company at around $2 billion, it added.
The move follows news emerging in June last year that the Kuala Lumpur-based company was preparing for an IPO in the US which could happen through a merger with a special purpose acquisition company, or SPAC, or a conventional listing.
Temasek pulling the strings
Singapore’s involvement is apparently attributable to one of Carsome’s key investors, 65 Equity Partners, a unit of Singapore sovereign-wealth fund Temasek Holdings.
Carsome was founded in 2015 by entrepreneurs Eric Cheng and Teoh Ee Jiun as a vehicle comparison site. After a number of funding rounds the company’s valuation touched $1.3 billion last year, transforming it into Malaysia’s largest tech unicorn.
High-profile investors
Apart from 65 Equity Partners, the platform’s investors are another Temasek investment arm, Seatown Holdings, as well as Taiwan’s Mediatek, Malaysia’s Sunway Group and YTL Group, the Philippine’s Gokongwei Group, Taiwan Mobile and the Qatar Investment Authority, among others.
The company currently runs operations in Malaysia, Indonesia, Thailand and Singapore. Carsome’s services cater to both consumers and about 8,000 used car dealers, from car inspection to financing and ownership transfers. It employs more than 3,000 people across all of its regional offices.
[caption id="attachment_38398" align="alignleft" width="300"] A Carsome service station in Thailand[/caption] Malaysian online car sales platform Carsome is reportedly seeking to go public through a dual listing on the Nasdaq in the US and the Singapore Stock Exchange, Deal Street Asia wrote, referring to people familiar with the matter. The used car marketplace has already filed for the initial public offering (IPO) with Nasdaq and a Singapore filing would follow, the report said. The dual listing seeks to raise a total of $400 million and would value the company at around $2 billion, it added. The move follows news emerging in...
Malaysian online car sales platform Carsome is reportedly seeking to go public through a dual listing on the Nasdaq in the US and the Singapore Stock Exchange, Deal Street Asia wrote, referring to people familiar with the matter.
The used car marketplace has already filed for the initial public offering (IPO) with Nasdaq and a Singapore filing would follow, the report said. The dual listing seeks to raise a total of $400 million and would value the company at around $2 billion, it added.
The move follows news emerging in June last year that the Kuala Lumpur-based company was preparing for an IPO in the US which could happen through a merger with a special purpose acquisition company, or SPAC, or a conventional listing.
Temasek pulling the strings
Singapore’s involvement is apparently attributable to one of Carsome’s key investors, 65 Equity Partners, a unit of Singapore sovereign-wealth fund Temasek Holdings.
Carsome was founded in 2015 by entrepreneurs Eric Cheng and Teoh Ee Jiun as a vehicle comparison site. After a number of funding rounds the company’s valuation touched $1.3 billion last year, transforming it into Malaysia’s largest tech unicorn.
High-profile investors
Apart from 65 Equity Partners, the platform’s investors are another Temasek investment arm, Seatown Holdings, as well as Taiwan’s Mediatek, Malaysia’s Sunway Group and YTL Group, the Philippine’s Gokongwei Group, Taiwan Mobile and the Qatar Investment Authority, among others.
The company currently runs operations in Malaysia, Indonesia, Thailand and Singapore. Carsome’s services cater to both consumers and about 8,000 used car dealers, from car inspection to financing and ownership transfers. It employs more than 3,000 people across all of its regional offices.
