The Zhitong Finance App learned that according to people familiar with the matter, the used car trading platform Carro is considering listing on the Singapore Exchange global listing board. This move is expected to make it the first company to adopt the new dual listing mechanism between NASDAQ and SGX.
People familiar with the matter said that Carro has secretly submitted an application for an IPO in the US and recently submitted materials related to the listing to the Singapore Stock Exchange. Since the relevant information has not been disclosed, people familiar with the matter requested anonymity.
According to people familiar with the matter, the Singapore-based company supported by the SoftBank Group may raise as much as 400 million to 500 million US dollars. They said Carro's goal is to complete a dual listing in both locations later this year or the first half of next year. Related discussions are ongoing, and details of potential releases are subject to change. They also said that depending on investor demand, Carro may decide not to list in Singapore.
A Carro spokesperson said in an email statement: “The company will continue to evaluate potential financing needs and opportunities before disclosing relevant information when appropriate.”
Carro's listing plan is a big plus for Singapore, which is seeking to improve liquidity and expand the base of listed companies. According to the dual listing system first announced last year, the company only needs to prepare a set of documents to list in the US and Singapore at the same time, and the listing time between the two places will remain the same. Relevant requirements include a market capitalization of at least S$2 billion (approximately US$1.6 billion).
People familiar with the matter said that DayOne Data Centers Ltd. had also previously considered listing on the SGX global listing board, and might have been the first company to use the new mechanism. The company has now decided not to seek simultaneous dual listings and will focus on US IPOs for the time being.
According to reports, Dayone secretly submitted a US IPO application in August, which may raise 5 billion US dollars. According to people familiar with the matter, the company may still seek a listing in Singapore in the future.
A representative for DayOne declined to comment.
According to compiled data, there have been no listing transactions of $1 billion or more in Singapore since 2018. In that year, South Korean internet company Kakao Corp. issued global depository certificates. Since this year, the city-state's IPO capital raised about US$1.1 billion, an increase of 33% over the same period in 2025. Despite the improvements — mostly due to the launch of UI Boustead REIT — there is still a huge gap compared to the approximately $48 billion and $11 billion raised by Hong Kong, China, and India, respectively.
In terms of other market initiatives, Singapore is also allocating an initial amount of S$5 billion in 2025 to be allocated to selected fund management companies to invest in local stocks. In February of this year, the country added an additional S$1.5 billion.