Carousell exploring US listing via Spac
SINGAPORE (BLOOMBERG) - Singapore-based online classifieds marketplace operator Carousell is considering a United States listing via a merger with a blank-cheque company, according to sources with knowledge of the matter. The start-up is working with an adviser on the potential transaction that could value the company at as much as US$1.5 billion (S$2 billion), said the people, who asked not to be named as the process is private. A listing through a special purpose acquisition company (Spac) could take place as soon as the end of this year, the people said. Carousell would be joining a growing list of companies in South-east Asia that are planning to go public in the US via Spac mergers. They include Malaysia's online used-car platform Carsome and Indonesia's Tiket.com as well as Singapore's PropertyGuru and Grab Holdings. A Spac raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with or be acquired by the publicly traded Spac and become a listed company in lieu of executing its own IPO. Discussions are preliminary and details of Carousell's listing plans could change, the ...
