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Carousell to Explore All Growth Options, Including IPO, CEO Says

UTC by Benjamin Godfrey · 3 min read
Carousell to Explore All Growth Options, Including IPO, CEO Says
Photo: Carousell / Twitter

Startups in Southeast Asia are fond of exploring American stock markets, and this has been at the forefront of Carousell amidst its growth options.

Singaporean smartphone and web-based consumer-to-consumer and business-to-consumer marketplace for buying and selling new and secondhand goods, Carousell is exploring all growth options to scale its operations. As reported by CNBC, the company’s co-founder and CEO, Quek Siu Rui said the firm may conduct a series of private funding rounds with strategic investors as one of the viable options to boost the business.

Additionally, the option of an Initial Public Offering (IPO) is also on the table, a position which affirms earlier media reports that the firm is looking towards a United States public listing with a Special Purpose Acquisition Company (SPAC). Per the CNBC report, the Carousell executive did not offer additional details to the plausible SPAC deal.

“In terms of a US listing, in terms of an IPO, with this round of funding, we are actually in a very well-capitalized position for what we need to do, and that really is because of the great support that we have got from our investors,” Quek said on CNBC’s “Squawk Box Asia.”

The company has advanced its business reach in the past year, with a number of new product segments added to its product listings. The startup entered the unicorn club this month following a $100 million funding round that valued it at more than $1 billion. An additional strategy for the firm is to broaden its investor base as it looks to pursue more ambitious growth strides.

“Ultimately we want to make sure that we have a good investor base that will support our long-term growth story, who appreciates our business model and where we’re headed,” Quek added.

The company has plans to use the latest capital injection to expand across more categories of pre-owned goods as well as markets, and conduct strategic acquisitions to scale up. As a way to prepare for its brewing push-up, the firm has appointed Razer Inc (HKG: 1337) executive Edwin Chan as its chief financial officer. Chan’s experience in navigating financial markets will come in handy as the company pursues its public listing plans.

Carousell Growth Options: Is Singapore Market the Right Springboard?

Startups in Southeast Asia are fond of exploring American stock markets, and this has been at the forefront of Carousell amidst its growth options. With many regional startups notably shunning homegrown exchanges in search of bigger markets out there, a trend may be on its way in Singapore judging by the government’s recent interventions.

Per an earlier CNBC report, the Singaporean Government is looking at avenues to woo firms to list on the country’s stock exchange. The government’s move is aimed to be boosted through a floated fund that is billed to aid firms as they look to raise funds from investors through public listings. Skepticism still abounds amongst major stakeholders on the capability of the Singapore Stock to host large IPOs.

Business News, IPO News, Market News, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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