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Investing.com -- Singapore-based Carro, Southeast Asia’s largest used-car online marketplace, is preparing for a U.S. initial public offering as early as 2026 that could raise up to $500 million.
The company is targeting a valuation exceeding $3 billion, according to Reuters, citing sources who could not be named as they were discussing confidential information.
If successful, Carro’s listing would become the largest Southeast Asian IPO in the U.S. since SEA’s $989.3 million listing in 2017 and the third biggest Southeast Asian high-tech IPO in the United States, based on LSEG data.
The planned IPO would mark the first major automotive tech and AI-driven commerce startup from Singapore to go public in the United States.
Carro is expected to deliver $100 million in annual earnings before interest, taxes, depreciation, and amortization by its fiscal year ending March 2026, one source indicated.
The final IPO size remains under discussion and could change based on market conditions.
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