For the company to woo investors and get listed, it will have to overhaul its image of being a marketplace known for e-commerce scams.

Angela Teng  |  SG
Published 2021-07-13 14:55:58

Carousell, a Singapore-based online classifieds marketplace operator, is considering a US listing via a merger with a blank-cheque company, according to people with knowledge of the matter.

The startup is working with an adviser on the potential transaction that could value the company at as much as US$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 (SPAC) could take place as soon as the end of this year, the people said.

A blank-cheque company or SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with or be acquired by the publicly traded SPAC and become a listed company in lieu of executing its own IPO.

Image Credit: CarousellCarousell is a mobile marketplace app that makes selling your stuff as simple as taking a photo. Launched in 2012, investors include Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India. It now operates in Southeast Asia, Taiwan, and Hong Kong.Carousell is one of the world’s largest and fastest growing mobile person-to-person marketplaces, according to tech site e27. Over 8 million listings have been created on Carousell, with millions of items successfully transacted.


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