Singapore-based Carro, Southeast Asia’s used-car online marketplace, is preparing for a US initial public offering (IPO) as early as 2026 that could raise up to $500 million, Reuters reported on Wednesday, quoting sources familiar with the matter.

The unicorn is aiming for a valuation of more than $3 billion, according to the sources.

If successful, Carro’s listing would be the largest Southeast Asian IPO in the US since Sea’s $989.3 million listing in 2017 and the third biggest Southeast Asian high-tech IPO in the US, according to LSEG, the report added.

The IPO would also be the first major automotive tech and artificial intelligence or AI-driven commerce start-up from Singapore to go public in the US.

Carro is on track to deliver $100 million in annual earnings before interest, taxes, depreciation, and amortisation by the financial year ending March 2026, according to Reuters, quoting one of the sources.

The IPO size is still under discussion and may change depending on market conditions, the sources reportedly said.

Carro did not immediately respond to TNGlobal‘s email request seeking comment.

Founded in 2015, Carro said it is Southeast Asia’s largest online used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions, according to its website.

Carro also offers other automotive solutions, such as insurance, financing with Genie Financial Services, and after-sales services with Carro Care.

Besides Singapore, it has a presence in Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong, its website showed.

With over 4,500 employees across Asia-Pacific, Carro has raised more than $1 billion in debt and equity from investors including Temasek, SoftBank and several other sovereign funds, according to its websites.

In December last year, Carro said it has received strategic investment from Woori Venture Partners as the firm ramping up expansion plans in Southeast Asia. Carro said then that the strategic investment marks Woori’s first late-stage deal in SEA to form the closer partnership.

Via its latest strategic investment from Woori Venture Partners, Carro aims to grow further in its Southeast Asian markets, especially in Indonesia where Woori has a strong presence in.

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