No Result
View All Result
Absolute Wellness
  • Home
  • Fashion
    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Parade is Done with Gender + Other Fashion News

    Parade is Done with Gender + Other Fashion News

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    Regency Style Has Finally Gone Too Far

    Regency Style Has Finally Gone Too Far

    This Canadian Designer On Creating Avant-Garde Looks with Vintage Items

    This Canadian Designer On Creating Avant-Garde Looks with Vintage Items

    Olivia DeJonge Brings Priscilla Presley’s Style Legacy to Life in Elvis

    Olivia DeJonge Brings Priscilla Presley’s Style Legacy to Life in Elvis

  • Beauty
    • All
    • Beauty
    • Fashion
    • Lifestyle
    • Travel

    Auli in Uttarkhand to be developed into a global winter tourist destination

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Parade is Done with Gender + Other Fashion News

    Parade is Done with Gender + Other Fashion News

    India to roll out e-passports for hassle-free journeys

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    Trending Tags

    • Best Dressed
    • Oscars 2017
    • Golden Globes
    • Fashion Week
    • Red Carpet
    • D.I.Y. Fashion
    • Celebrity Style
  • Lifestyle
  • Travel
  • Home
  • Fashion
    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Parade is Done with Gender + Other Fashion News

    Parade is Done with Gender + Other Fashion News

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    Regency Style Has Finally Gone Too Far

    Regency Style Has Finally Gone Too Far

    This Canadian Designer On Creating Avant-Garde Looks with Vintage Items

    This Canadian Designer On Creating Avant-Garde Looks with Vintage Items

    Olivia DeJonge Brings Priscilla Presley’s Style Legacy to Life in Elvis

    Olivia DeJonge Brings Priscilla Presley’s Style Legacy to Life in Elvis

  • Beauty
    • All
    • Beauty
    • Fashion
    • Lifestyle
    • Travel
    • Uncategorized

    Auli in Uttarkhand to be developed into a global winter tourist destination

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Parade is Done with Gender + Other Fashion News

    Parade is Done with Gender + Other Fashion News

    India to roll out e-passports for hassle-free journeys

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    Trending Tags

    • Best Dressed
    • Oscars 2017
    • Golden Globes
    • Fashion Week
    • Red Carpet
    • D.I.Y. Fashion
    • Celebrity Style
  • Lifestyle
  • Travel
No Result
View All Result
Absolute Wellness

Carousell might IPO in US soon – reportedly in talks with L Catterton for S$2B SPAC merger deal

administrator by administrator
January 7, 2022
in Lifestyle
0
Share on FacebookShare on Twitter

Singapore-based online classifieds marketplace company has been considering a US listing as early as June 2021.

Today (January 2022), the company is reportedly in “exclusive talks” to go public through a merger with a special purpose acquisition company (SPAC) L Catterton Asia Acquisition Corp, according to people familiar with the matter.

This transaction could value the combined entity at up to US$1.5 billion (S$2 billion).

A SPAC is a blank-cheque, shell company that is set up to raise capital in order to acquire private companies. SPACs have risen in popularity because they greatly reduce the time it takes for a company to get listed on the stock exchange. 

Launched in 2009, L Catterton Asia is the largest Pan-Asian consumer-focused private equity firm that operates within a global firm. Headquartered in Singapore, it has strong regional presence with local offices and teams in Hong Kong, Mumbai, Shanghai, Sydney and Tokyo.

According to the sources, the SPAC is looking at carrying out due diligence on Carousell over the coming weeks.

It plans to reach a merger agreement as early as this quarter. Previously, the US listing is expected to take place by end 2021.

The sources added that there are several considerations to weigh before both parties can finalise the talks, which does not guarantee a deal.

Strong growth with fresh funding, acquisitions

In September last year, Carousell snagged the “unicorn” status as its valuation reached US$1.1 billion after its latest funding round.

It raised US$100 million in a round led by South Korean private equity firm STIC, which gave it a step up from its previous US$900 million valuation made during the fund raise last year.

Launched in 2012, Carousell’s other investors include Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital and Naspers.

Following the funding, Carousell also acquired Ox Street — one of the fastest-growing marketplaces for authentic sneakers and streetwear in Southeast Asia — for an undisclosed sum in October 2021.

This acquisition solidifies Carousell’s strategy to accelerate its recommerce growth in the region as it remains committed to reimagine the classifieds experience to make second-hand the first choice.

Carousell’s potential move to list in the US follows in the footsteps of ride-hailing giant Grab, which has made its debut on US Nasdaq in a US$54 billion deal on December 2.

Grab’s valuation is the largest so far in the SPAC space, and the ride-hailing giant will receive about S$6 billion (US$4.5 billion) in cash proceeds.

Other notable firms that are also eyeing a US listing includes Ninja Van and Carro.

In Singapore, two SPACs — Temasek-backed Vertex Technology Acquisition Corp (VTAC) and Pegasus Asia — will start trading on the Singapore Exchange (SGX) by the end of this month.

Featured Image Credit: Carousell

Also Read
Carousell has to clean up marketplace image, manage burn rate risks as it eyes SPAC deal

Source

Tags: carousellE-CommerceEditor's PicksIPOSingaporeanstartups
Previous Post

I saved a day-old kitten from the gutter, here’re my top takeaways from the caring journey

Next Post

Is S’pore crypto-friendly? Here’s how MAS’ regulations could impact businesses and investors

administrator

administrator

Next Post
Is S’pore crypto-friendly? Here’s how MAS’ regulations could impact businesses and investors

Is S’pore crypto-friendly? Here’s how MAS’ regulations could impact businesses and investors

Search

No Result
View All Result
Absolute Wellness

© 2020 JNews - AbsoluteWellness.Com

Links

  • Home
  • Fashion
  • Beauty
  • Lifestyle
  • Travel

Follow Us

No Result
View All Result
  • Home
  • Fashion
  • Beauty
  • Lifestyle
  • Travel

© 2020 JNews - AbsoluteWellness.Com