Malaysian online car sales platform Carsome, which operates an online marketplace for used cars in Southeast Asia, said it was delaying plans for a dual listing in Singapore and the U.S. amid concerns that deteriorating macroeconomic conditions could dent its valuation, Bloomberg reported, citing insiders. Malaysia’s most valuable tech start-up has stopped preparing for a planned share sale scheduled for this year, the report said, adding that it could resume the process next year if market conditions improve. A representative for Carsome declined to comment. Plans to raise a total of $400 million in dual listing…
Carsome, a Malaysian online car sales platform that operates an online marketplace for used cars in Southeast Asia, said it was delaying Plan for dual listing In Singapore and the US, fears that worsening macroeconomic conditions could dent their valuations, Bloomberg News Quoting industry insiders.
Malaysia’s most valuable tech start-up has stopped preparing for a planned share sale scheduled for this year, the report said, adding that it could resume the process next year if market conditions improve. A representative for Carsome declined to comment.
A total of $400 million is planned to be raised in the dual listing, which would value the company at about $2 billion.
Supported by Qatar Investment Authority
Carsome raised $290 million in a Series E round in January 2022 led by Qatar Investment Authority and Singapore-backed Temasek-backed 65 Equity Partners and Seatown Private Capital Master Fund. The funding brings the company’s valuation to $1.7 billion.
Founded in 2015, Carsome has expanded from its home market of Malaysia to Indonesia, Thailand and Singapore. According to its website, the company employs more than 3,000 people, works with more than 8,000 dealers, processes more than 100,000 transactions a year, and also provides auto inspections, financing and title transfers. Earlier this year, it completed the acquisition of Australia-listed iCar Asia for about $132 million.
