Carro explores US IPO that could raise up to $500 million

Singapore-based used-car marketplace Carro is exploring a confidential filing for a US initial public offering as soon as this month, with plans that could raise as much as $500 million. The company is working with advisers, though the size and timing of any deal could still change. Carro is also considering a second listing in Singapore, potentially using the exchange's new Global Listing Board, which lets companies valued above S$2 billion dual-list with Nasdaq through a single filing. Founded in 2015, Carro sells cars and also offers financing, insurance and after-sales services. Its backers include SoftBank Group, GIC and Cool Japan Fund, and it operates across Singapore, Indonesia, Australia, Japan, Thailand, Hong Kong and Taiwan.