Carro, backed by SoftBank, aims for "Nasdaq + Singapore Exchange" dual listing, with fundraising up to $500 million, potentially setting the first precedent for a dual listing in the US and Singapore.

According to Golden Ten Data APP, sources familiar with the matter revealed that the used car trading platform Carro is considering listing on the Singapore Exchange’s global listing board, a move that could make it the first company to adopt the new dual-listing mechanism between Nasdaq and the Singapore Exchange.

Sources said Carro has secretly filed for a US IPO and recently submitted listing materials to the Singapore Exchange. As the information has not been made public, the sources requested anonymity.

According to the sources, this Singapore-headquartered, SoftBank Group-backed company could raise as much as $400 to $500 million. They stated Carro is aiming to complete the dual listing on both exchanges either later this year or in the first half of next year. Discussions are ongoing, and details of the potential offering may change. They also said that, depending on investor demand, Carro may decide not to list in Singapore.

A Carro spokesperson said in an email statement: “The company continues to evaluate potential financing needs and opportunities, and will disclose relevant information externally when the time is right.”

Carro’s listing plan is a major positive for Singapore, which is seeking to improve liquidity and expand its listed company base. Under the dual-listing system announced last year, companies only have to prepare one set of documents to list simultaneously in the US and Singapore, with both listings taking place at the same time. Requirements include a minimum market capitalization of 2 billion SGD (approximately $1.6 billion).

Sources said DayOne Data Centers Ltd. had also considered listing on the Singapore Exchange’s global listing board, originally poised to become the first company to use the new mechanism. The company has now decided not to pursue a synchronous dual listing and is temporarily focusing on a US IPO.

According to reports, DayOne filed for a US IPO in August, potentially raising $5 billion. The sources said the company may still seek a listing in Singapore later.

A DayOne representative declined to comment.

According to compiled data, there has not been a listing deal worth $1 billion or more in Singapore since 2018, when South Korea’s internet company Kakao Corp. issued global depository receipts. So far this year, IPO fundraising in the city-state has reached about $1.1 billion, up 33% over the same period in 2025. While this is an improvement—mainly thanks to the issuance of UI Boustead REIT—there is still a significant gap compared to Hong Kong and India, where fundraising has reached about $48 billion and $11 billion, respectively.

In other market initiatives, Singapore allocated an initial 5 billion SGD in 2025 for distribution to selected fund management companies to invest in local stocks. In February this year, the country added another 1.5 billion SGD.