SINGAPORE, Carro, Southeast Asia’s largest online used-car marketplace, is reportedly gearing up for a U.S. initial public offering (IPO) as early as 2026, aiming to raise up to US$500 million and secure a valuation exceeding US$3 billion, according to sources familiar with the matter.
If realised, the listing would mark the biggest U.S. IPO by a Southeast Asian company since SEA Ltd’s US$989.3 million debut in 2017, and the third-largest high-tech IPO from the region in the American market, based on LSEG data. It would also be the first major automotive technology and AI-driven commerce startup from Singapore to go public in the U.S.
Carro is on track to achieve US$100 million in annual earnings before interest, taxes, depreciation, and amortisation (EBITDA) by its fiscal year ending March 2026, one source said. The IPO size, however, remains subject to change depending on market conditions.
Founded in 2015, Carro runs a digital platform that connects consumers and dealers for vehicle sales, while also offering insurance, financing, and after-sales services. Beyond its home base in Singapore, the company operates in Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.
With a workforce of over 4,500 across the Asia-Pacific, Carro has secured more than US$1 billion in debt and equity funding from investors such as Temasek, SoftBank, and several sovereign wealth funds.
A successful debut could set the stage for other Southeast Asian unicorns — including Carsome, Traveloka, and Xendit — to explore similar moves. Globally, the trend is mirrored by a growing number of Chinese companies pursuing U.S. listings, lured by the potential for higher valuations despite ongoing geopolitical tensions.
