- Carsome plans IPO within two years, favoring Malaysian exchange over US.
- Bursa Malaysia sees 43% increase in IPO funds raised this year.
- Southeast Asian exchanges face challenges attracting tech unicorns despite local advantages.
Malaysian used-car trading platform Carsome is gearing up for an initial public offering (IPO) within the next two years.
CEO Eric Cheng revealed at the Tech in Asia Conference that the company is seriously considering listing on Bursa Malaysia, the country’s stock exchange, rather than opting for a US listing like many of its tech peers.
Bursa Malaysia’s rising star
The Malaysian exchange has been on a roll, with 27 debuts raising $723 million this year – a 43% increase from the same period in 2023.
Cheng praised Bursa’s vibrancy, noting that some companies listed there have achieved valuation multiples rivaling those in the US market.
While US exchanges offer deeper liquidity pools and tech-savvy investors, Carsome sees advantages in a local listing.
Malaysian retail investors are familiar with the brand, potentially leading to better understanding and support.
However, the lack of local comparables for tech companies remains a challenge for Southeast Asian exchanges looking to attract more homegrown unicorns.
To read the original article: https://www.techinasia.com/unicorn-carsome-prefers-malaysia-over-us-for-future-ipo
