Malaysia-based c-to-b-to-c automotive marketplace Carsome delayed plans to dual-list in both the U.S. and Singapore due to executives’ concerns about economic conditions, according to Bloomberg.
The used-car online company has reportedly suspended work on the proposed listings and will revisit the plans next year if market conditions improve. The decision followed management concerns about the deteriorating economic conditions, that could reduce valuations for the used-car marketplace.
With a solid presence in South-east Asia, especially Malaysia, Thailand, Singapore, Indonesia and recently Taiwan, Carsome is in no rush to go for an IPO. But, it is all set to drive into Japan. The company was seeking to go public with a dual listing aimed at raising $400 million U.S. on Nasdaq and the Singapore Stock Exchange, with a company valuation of $2 billion in the U.S. Instead, it now plans to venture into first-tier Japanese cities, such as Tokyo, in the next six months.
Not long ago Carsome acquired digital automotive content websites WapCar and AutoFun from Tang Internet Limited, merging the sites into the fully-owned subsidiary WapCar AutoFun and announced the acquisition of ICar Asia, to become the main shareholder in the second-hand car marketplace.