Carro weighs dual US-Singapore debut using SGX's new Nasdaq pathway

Carro lines up a potential two-market splash

Carro is evaluating an offering on Singapore Exchange's Global Listing Board, according to people with knowledge of the plan. Those people say the Singapore-based, SoftBank Group Corp.-backed company has already filed confidentially for a US listing and recently lodged paperwork for a Singapore float too. The same people, who requested anonymity because the details are not public, say Carro could raise between $400 million and $500 million.

A company spokesperson said in an email, "The company considers and evaluates potential financing needs and opportunities from time to time and will make disclosures when appropriate to do so."

How the SGX-Nasdaq channel works and when to expect movement

The Global Listing Board is part of a dual-listing route with Nasdaq Inc. announced last year. It lets companies use one set of filing materials to go public in both markets at the same time, with coordinated timing for the first day of trading. Eligibility includes having a market capitalization of at least S$2 billion, or about $1.6 billion.

People familiar with the discussions say Carro is targeting a dual listing either later this year or in the first half of next year. Talks are ongoing, details could shift, and Carro could skip the Singapore leg if investor appetite points that way.

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Another contender steps back, for now

DayOne Data Centers Ltd. had been weighing a listing on SGX's Global Listing Board that might have put it first through the new channel. People familiar say the company has chosen not to run a concurrent two-market IPO and will focus on a US offering for now. Bloomberg News reported that DayOne made a confidential submission in August, with proceeds potentially reaching $5 billion.

Those people add DayOne could still explore a Singapore listing later. A company representative declined to comment.

Why Singapore is watching closely

Singapore has not seen a listing of at least $1 billion since 2018, when Kakao Corp. sold global depositary shares. IPOs in the city-state have totaled about $1.1 billion so far this year, up 33% from the same stretch in 2025, with UI Boustead REIT doing much of the lifting. That is still small next to Hong Kong and India, which have hauled in roughly $48 billion and $11 billion, respectively.

To bolster its market, Singapore earmarked an initial S$5 billion in 2025 for selected fund managers to invest in domestic equities, and added S$1.5 billion more in February. If Carro moves ahead, it would be a symbolic win for liquidity and listings at home. For your money, the takeaway is simple: if Singapore keeps adding credible names and smoother listing routes, it can widen the menu of growth stories you can actually buy where you live.

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