SoftBank-backed Carro races toward a "Nasdaq + SGX" listing, aiming to raise up to US$500 million, potentially setting a first precedent for a U.S.-Singapore dual listing.

Carro, a used-car trading platform, is considering listing on the Singapore Exchange's Global Listing Board, a move that could make it the first company to adopt the new Nasdaq-SGX dual-listing mechanism, according to people familiar with the matter. Carro has confidentially filed for a U.S. IPO and recently submitted listing-related materials to SGX as well, the people said, asking not to be identified because the information isn't public. The Singapore-based company backed by SoftBank Group Corp. could raise as much as $400 million to $500 million, the people said. Carro aims to complete the dual listing in the U.S. and Singapore later this year or in the first half of next year, they said. Discussions are ongoing and details of the potential offering could change. Carro may also decide against a Singapore listing depending on investor demand, they said. "Carro continuously evaluates potential fundraising needs and opportunities, and will disclose relevant information at an appropriate time," a Carro spokesperson said in an email statement. Carro's listing plan is a boon for Singapore, which is seeking to improve liquidity and broaden its listed-company base. Under the dual-listing regime first announced last year, companies need to prepare only one set of documents to list in both the U.S. and Singapore, with the listings taking place at the same time. Requirements include a market value of at least S$2 billion ($1.6 billion). DayOne Data Centers Ltd. had also previously considered listing on SGX's Global Listing Board and could have been the first company to use the new mechanism. It has now decided not to pursue a simultaneous dual listing and will focus on a U.S. IPO for now. DayOne confidentially filed for a U.S. IPO in August and could raise $5 billion, Bloomberg News has reported. The company may still seek a Singapore listing later, the people said. A representative for DayOne declined to comment. Singapore hasn't seen a listing of $1 billion or more since 2018, when South Korean internet company Kakao Corp. issued global depositary receipts, compiled data show. The city-state has raised about $1.1 billion from IPOs this year, up 33% from the same period in 2025. While that's an improvement -- largely thanks to the UI Boustead REIT offering -- it still pales in comparison with the roughly $48 billion and $11 billion raised in Hong Kong and India, respectively. Among other market initiatives, Singapore also set aside an initial S$5 billion in 2025 to be allocated to selected fund managers for investment in local stocks. In February, it added another S$1.5 billion.