Singapore-based Carro, a used-car marketplace that offers auto financing, insurance, and after-sales services, is considering a confidential filing for an initial public offering in the US as soon as this month.

The offering could raise up to US$500 million. The company is also weighing a second listing in Singapore.

Carro previously said it wanted to triple EBITDA to about S$130 million (US$100 million) before an IPO, implying current earnings before interest, taxes, depreciation, and amortization of slightly more than S$40 million (US$30.9 million).

Beyond used-car sales, Carro offers financing and insurance through Genie Financial Services.

It has an auto financing book of more than S$500 million (US$386 million) and has expanded from Singapore into Indonesia, Malaysia, Thailand, Japan, Hong Kong, and Taiwan.

If Carro pursues a Singapore Exchange listing, the Global Listing Board is for Singapore Exchange-Nasdaq listings by companies valued at at least S$2 billion (US$1.55 billion).

It uses a single set of offering documents and requires a Singapore retail allocation of the lower of 5% of the offer or S$50 million (US$38.6 million).

🔗 Source: Bloomberg