SoftBank-Backed Car Marketplace Carro Is Said to Explore US IPO

Used-car marketplace Carro is considering filing confidentially for an initial public offering in the US as soon as this month, people familiar with the matter said, testing investor appetite for Southeast Asian startups.

Carro is working with advisers and may potentially raise as much as $500 million, the people said, asking not to be identified as the talks are private.

The company, which is backed by SoftBank Group Corp., is also considering a second listing in Singapore, the people added. It might tap the exchange’s new Global Listing Board, which allows firms valued at more than S$2 billion ($1.5 ...