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Singapore’s Carousell Explores US Listing via SPAC

Carousell app. Shutterstock.
Carousell app. Shutterstock.

Carousell Pte, a Singapore-based online classifieds marketplace operator, is considering a US listing via a merger with a blank-check company, according to people 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 $1.5 billion, said the people, who asked not to be named as the process is private. A listing through a special purpose acquisition company could take place as soon as the end of this year, the people said.

Carousell would be joining a growing list of companies in Southeast Asia that are planning to go public in the US via SPAC mergers. They include Malaysia’s online used-car platform Carsome Sdn. and Indonesia’s Tiket.com as well as Singapore’s PropertyGuru Pte and Grab Holdings Inc.

Discussions are preliminary and details of Carousell’s listing plans could change, the people said. A representative for the company declined to comment.

The company runs several online marketplaces including Carousell, Chotot.com in Vietnam, Mudah in Malaysia and OneKyat in Myanmar, according to its website. The platform Carousell was founded in 2012 and now counts Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India among its backers. The marketplace has since expanded to eight markets across Southeast Asia, Taiwan and Hong Kong, allowing users to buy and sell a diverse range of products including cars, lifestyle, gadgets, fashion accessories and even cleaning services.

By Elffie Chew and Manuel Baigorri

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