Malaysian-based automotive marketplace Carsome is considering listing in the United States, a deal that will make it the first unicorn company in Malaysia.
The used-car vertical is working with advisors and reviewing a valuation of about $2 billion in the listing, which may involve a merger with a special purpose acquisition company (SPAC) or through an initial public offering (IPO).
The digital auto retail marketplace said the process to list the company may be implemented as early as the end of this year because it is now running a pre-IPO funding round that aims to raise about $150 million.
Carsome was founded in 2015 and has expanded its presence to Indonesia, Thailand and Singapore in recent years. Sales made by the marketplace involve more than 40,000 cars annually, with a transaction value of more than $600 million, according to its website, and more than 8,000 used car dealers who collectively have already made more than 2.3 million bids.
Its regional rival, Singapore used-car platform Carro, raised $360 million earlier this month to fuel expansion in Thailand and Indonesia before pursuing a U.S. listing.