Carsome mulls US and S’pore IPO, valuing company at RM8.6 bil

SHAH ALAM - Carsome Group, an online platform for buying and selling used cars is reportedly seeking to go public through a dual listing on United State’s Nasdaq and the Singapore Store Exchange that would value the company at around RM8.6 billion (USD 2 billion).

Forbes reported that Carsome has confidentially filed for the IPO with Nasdaq, according to a report from Deal Street Asia, citing people familiar with the matter.

The report said the listing, which is aimed at raising RM1.7 billion (USD 400 million), was encouraged by one of Carsome’s key investors, 65 Equity Partners, a unit of Singapore sovereign wealth fund Temasek Holdings.

The company became Malaysia’s largest tech unicorn after receiving RM729 million (USD 170 million) in a funding round that lifted its valuation to RM5.5 billion (USD 1.3 billion) last year.

Among the investors backing Carsome include Tsai Ming-kai’s MediaTek, Lance Gokongwei’s Gokongwei Group and Patrick Grove’s Catcha Group.

The company has been expanding its operations across the region through a series of acquisitions. In March, Carsome bought a majority stake in CarTimes, one of the largest auto companies in Singapore. That deal came just one month after Carsome completed its acquisition of Australia-listed iCar Asia for RM858 million (USD 200 million).

The platform was founded in 2015 by Eric Cheng and Teoh Jiun Ee as a vehicle comparison site. It currently has operations in Malaysia, Indonesia, Thailand and Singapore.

Carsome’s services cater to both consumers and used car dealers, from car inspection to financing and ownership transfers. It employs more than 3,000 people across all of its offices.

Forbes reported that Carsome did not immediately respond to requests for comment.