Bloomberg reported today (June 28) that the Singapore-based market, Carousell, is considering a listing in the U.S. through a merger with a blank check company, according to people who are aware of it.
The startup allegedly works with an advisor on the possible transaction that could value the company up to US $ 1.5 billion.
The debates are preliminary and the details of Carousell’s contribution plans could change, the people involved said.
Last September, South Korean tech giant Naver led a US $ 80 million investment round (US $ 108 million) in Carousell. The funding round brought Carousell’s total valuation to $ 900 million ($ 1.222 billion).
Carousell is currently supported by Telenor Group, Rakuten Ventures, Naver, Sequoia Capital and Naspers.
Launched in 2012, Carousell is an online marketplace to buy and sell new and used items.
The market covers an impressive number of categories of goods and services, from travel to luxury to educational programs, to food and even publishing jobs.
It is now one of the largest and fastest markets in the world in Southeast Asia. Headquartered in Singapore, it also operates in Malaysia, Indonesia, the Philippines, Cambodia, Taiwan, Hong Kong, Macao, Australia, New Zealand and Canada.
It is made public in the US through SPAC mergers
Carousell follows in the footsteps of the giant Grab, who also announced his plans will be made public in the United States through a SPAC merger in April.
It will be made public through a SPAC merger with Altimeter Growth Corp. with a valuation close to 40 billion US dollars.
This will be the largest SPAC deal and also the largest U.S. equity offering from a Southeast Asian company.
An SPAC is a blank check company, created to raise capital to acquire private companies. SPACs have increased in popularity because they greatly reduce the time it takes a company to go public.
In 2020, 219 companies raised a total of US $ 73 billion 462% year-on-year jump – exceed US $ 6 billion in traditional IPOs.
Featured Image Credit: Tech in Asia
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