(June 23): Used-car marketplace Carro is considering filing confidentially for an initial public offering in the US as soon as this month, people familiar with the matter said, testing investor appetite for Southeast Asian start-ups.

Carro is working with advisers and may potentially raise as much as US$500 million (RM2 billion), the people said, asking not to be identified as the talks are private.

The company, which is backed by SoftBank Group Corp, is also considering a second listing in Singapore, the people added. It might tap the exchange’s new Global Listing Board, which allows firms valued at more than S$2 billion to dual list on the Nasdaq with a single filing, they said.

Deliberations are ongoing and details such as the size and timing of a possible offering may still change, the people added. Carro said it periodically evaluates potential fundraising plans and will provide updates when appropriate.

Singapore’s IPO market has been improving, hitting a six-year high of US$1.9 billion in 2025 and reaching US$912 million so far this year, data compiled by Bloomberg show. DayOne Data Centers Ltd is also considering listing in the city-state and the US, Bloomberg News has reported.

Founded in 2015, Singapore-based Carro also offers services such as financing, insurance and aftersales care. In addition to Softbank, its backers include GIC Pte and Cool Japan Fund. Carro operates in markets including Singapore, Indonesia, Australia, Japan, Thailand, Hong Kong and Taiwan. 

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