SoftBank-Backed Carro Eyes U.S. IPO as Early as This Month, Seeking Up to $500 Million
N.R. Finch
SoftBank-backed Southeast Asian used-car platform Carro is preparing a US IPO that could raise up to $500 million as soon as this month — a deal that would test whether capital markets are ready to price the region's used-car sector.
What is Carro, and what is it planning?
Carro was founded in 2015 and is headquartered in Singapore. It runs an online used-car marketplace and offers auto financing, insurance, and after-sales services.
It now operates across Singapore, Indonesia, Australia, Japan, Thailand, Hong Kong, and Taiwan.
Per Bloomberg, Carro is working with advisers on a US IPO targeting up to $500 million, potentially launching this month.
Why list in the US?
The biggest name behind Carro is SoftBank. If the IPO goes ahead, Carro would be the latest SoftBank-backed Southeast Asian tech asset to land on a US exchange.
This means → SoftBank is steadily pushing its Southeast Asian portfolio toward US capital markets, and Carro is the newest card on the table.
Sources caution that discussions remain private and plans could still change.
What is Singapore's "dual listing" option?
Beyond the US IPO, Carro is also evaluating a secondary listing through the Singapore Exchange's newly launched Global Listing Board.
In plain terms = this new framework lets companies valued above S$2 billion (roughly $1.5 billion) file once and list simultaneously on both Nasdaq and SGX.
This reflects SGX's push to compete for large tech listings — Carro could become an early test case for the mechanism.
Why does this IPO matter?
Southeast Asia's used-car market has grown rapidly, yet virtually no platform from the region has made it to a US IPO.
Whether Carro can price the deal and hit its target valuation will answer a pointed question: does the capital market actually buy the Southeast Asian used-car thesis?
This means → the deal is not just one company's fundraise — it is a sector-level pricing test.
Content is for reference only, not financial advice.