SoftBank and GIC support! Southeast Asian used car trading platform Carro is rumored to be heading to the U.S. for its earliest IPO this month, raising up to $500 million.

According to reports, Carro, a Southeast Asian used car trading platform supported by Softbank, is considering submitting its initial public offering (IPO) application in the United States as early as this month. Sources familiar with the matter revealed that the Singapore-based company is working with advisers and may raise up to $500 million in funds. The sources stated that Carro is also evaluating the possibility of a secondary listing on the "global offering board" of the Singapore Exchange. This mechanism allows companies with a market value exceeding 2 billion Singapore dollars (approximately $1.5 billion) to submit a set of listing documents that enables them to be dually listed on Nasdaq and the SGX. The sources added that discussions are still ongoing, and details such as the size and timing of the issuance may still change. Carro stated that the company regularly evaluates potential financing plans and will release updates at the appropriate time. It was also reported that DayOne Data Centers Ltd., a Singapore-based data center operator, is also considering listing in Singapore and the United States. Carro was founded in 2015 and operates a used car trading platform, as well as providing financing, insurance, and after-sales services. The company's business spans multiple markets, including Singapore, Indonesia, Australia, Japan, Thailand, Hong Kong, and Taiwan. In addition to Softbank, Carro's investors include the Singapore government investment company (GIC Pte) and Cool Japan.