tech

Report: Carsome To Be Listed On US & SG Stock Exchanges At RM8.6 Billion Valuation

Malaysia's first tech unicorn is going bigger.

Cover image via Info Komputer & Nasdaq

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Malaysia's first tech unicorn Carsome is reportedly aiming to go public through a dual listing on US and Singapore stock exchanges that would value the company at around RM8.6 billion

According to Bloomberg citing DealStreetAsia, people familiar with the matter revealed that the used car marketplace has confidentially filed for the Initial Public Offering (IPO) with Nasdaq, a New York-based stock exchange.

It aims to raise USD400 million (about RM1.72 billion) in the stock market.

The company has seen tremendous growth after it raised USD290 million (RM1.22 billion) in a financing round earlier this year.

As of last month, the company is valued at USD1.7 billion (RM7.13 billion), and currently has operations across four major Southeast Asian markets – Malaysia, Singapore, Thailand, and Indonesia.

Image via Nasdaq

It is reported that the listing was encouraged by one of Carsome's key investors, 65 Equity Partners

65 Equity Partners is a unit of Singapore sovereign wealth fund Temasek Holdings.

Other investors of Carsome include:
– Taiwanese entrepreneur Tsai Ming-kai's MediaTek, a smartphone chipmaker company
–  Filipino business mogul Lance Gokongwei's Gokongwei Group, a conglomerate that has interests in food and beverages, property development, aviation, and more
–  Singaporean and Australian tech entrepreneur Patrick Grove's Catcha Group, an Internet group that has interests in streaming services, property listing websites, media, and more

Eric Cheng, Carsome co-founder and group chief executive officer (CEO).

Image via Bloomberg

Carsome has been expanding its operations across the region through a series of acquisitions

In March, the company bought a majority stake in CarTimes, one of the largest auto companies in Singapore.

Prior to that, Carsome completed its acquisition of Australia-listed iCar Asia for USD200 million (RM860.5 million).

The car listing platform was founded in 2015 by Eric Cheng and Teoh Jiun Ee as a vehicle comparison site, reported Bloomberg.

Fast forward seven years later, it currently has operations in Malaysia, Indonesia, Thailand, and Singapore.

In Malaysia, it boasts itself as the only car listing marketplace that provides 175 car inspection points and allows customers to test own the vehicles before purchasing.

It services cater to both consumers and used car dealers, which also provides financing and ownership transfer services. It employs more than 3,000 people across all of its offices.

Carsome Certified Lab, the largest car refurbishment facility in the region located in Klang, Selangor.

Image via Carsome

Last month, Carsome co-founder Eric Cheng became a board member of global high-impact entrepreneurship movement Endeavor:

Late last year, Grab filed to the US Securities and Exchange Commission (SEC) that it was acquiring local grocery chain Jaya Grocer: