Carro's $1 Billion IPO on the Horizon
Deal News | Feb 05, 2025 | Aim Group
Carro, a Singapore-based automotive marketplace, is reportedly on the verge of launching an Initial Public Offering (IPO) that could value the company at approximately $1 billion, according to Deal Street Asia. Carro, founded in 2015, operates hybrid auto marketplaces across seven Asian countries, including markets in Southeast Asia and East Asia such as Singapore, Malaysia, and Japan. The company has been setting the stage for an IPO for several years, with CFO Ernest Chew hinting at a public listing timeframe back in 2021. In March 2024, CEO Aaron Tan confirmed that Carro was prepared to go public and would do so at the first viable opportunity. The company's financial performance has shown steady improvement, boasting an EBITDA of $32 million for the fiscal year 2024, which is an impressive 11x increase from the previous year's figures, marking its fourth consecutive profitable year.
Sectors
- Automotive Marketplace
- Financial Services
Geography
- Singapore – Carro is a Singapore-based company, central to the company's operations and IPO activities.
- Asia – Carro operates in multiple Asian countries including Singapore, Malaysia, Indonesia, and Japan, which are key markets for its operations.
Industry
- Automotive Marketplace – Carro operates auto marketplaces, interfacing sellers and buyers in the automotive industry within Southeast and East Asia.
- Financial Services – The impending IPO indicates significant financial activity within capital markets, quintessential to the financial services industry.
Financials
- $1.0 Billion – The anticipated valuation of Carro in its imminent IPO.
- $32 Million – FY2024 EBITDA, reflecting an 11x increase from the previous year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Carro | Target Company | Company | A Singapore-based automotive marketplace operating hybrid models in multiple Asian markets. |
| Ernest Chew | CFO | Person | Chief Financial Officer of Carro, previously indicated potential IPO timing. |
| Aaron Tan | Co-founder and CEO | Person | Co-founder and CEO of Carro, confirmed IPO readiness in March 2024. |