Carsome, the Malaysia-based used-car marketplace, is delaying its dual listing plans in Singapore and the US set for this year, Bloomberg reported.
Carsome has reportedly suspended work on the offerings and will resume the plans next year if market conditions improve. The decision was made due to concerns that deteriorating macroeconomic conditions could affect the company’s valuation.
Tech In Asia has reached out to Carsome, but the company declined to comment on the matter.
In April, it was reported that Carsome was aiming to raise US$400 million at a valuation of US$2 billion through the dual listing and that the company had “confidentially” filed for an IPO with the Nasdaq.
Last year, Carsome became Malaysia’s first tech unicorn after its deal with Catcha Group. The used-car platform’s valuation hit US$1.7 billion when it raised US$290 million in a series E round in January this year.
See also: Carsome and Carro: A neck-and-neck race to transform how people buy cars
Rising interest rates, combined with sluggish economic growth and geopolitical tensions, have dampened market sentiment and first-time offerings. According to Bloomberg data, global IPOs have raised US$101 billion since the start of this year, down from US$338 billion in the same period in 2021.
Editing by Miguel Cordon and Arpit Nayak
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