Singapore-headquartered used car marketplace Carro is considering filing confidentially for an initial public offering in the US as soon as this month, Bloomberg reported on Tuesday, quoting people familiar with the matter.
According to the report, Carro is working with advisers and may raise as much as $500 million.
Backed by Japan-based SoftBank Group, Carro is also considering a second listing in Singapore, the people added.
The company 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, the people said, according to the report.
Deliberations are ongoing, and details such as the size and timing of a possible offering may still change, the people added.
Meanwhile, Carro said it “periodically evaluates potential fundraising plans and will provide updates when appropriate”.
Last week, Carro announced it has acquired CarPlace, a leading Australian used car platform operated by Autoleague, one of Australia’s largest automotive groups, giving Carro a physical presence in three of Australia’s four largest markets.
In a statement, Carro said the expansion brings its total footprint to eight markets across the region.
As part of the deal, Carro will take over showrooms in Western Australia and Queensland and roll out wholesale operations out of Victoria. Autoleague remains a strategic shareholder of CarPlace and joins Carro as a strategic investor.
Founded in 2015, Singapore-based Carro also offers services such as financing, insurance and aftersales care.
Carro’s backers include GIC and Cool Japan Fund. Carro operates in markets including Singapore, Malaysia, Indonesia, Australia, Japan, Thailand, Hong Kong and Taiwan.