While the company is undecided as to when would be a good time to list, Cheng feels the world is not “fully ready yet”. He adds that the team is still assessing what other companies are doing and they likely “won’t be the first” to go public.
“We probably would be looking at where things go for the others … So for now, we’re kind of preparing with business to be ready for any type of exchange,” he adds. When asked about ideal valuations, Cheng said he would be “quite okay with anything” his board is happy with.
JJ Ang, Carousell’s chief financial officer (CFO), who prefers to be known by his initials, said the company is “well capitalised” and is tracking “very well” towards profitability. He adds that the group had raised US$110 million in its last funding round in 2021 and still has the bulk of that cash left.
When asked, Ang says IPO is “not the only option”. The group is also open to other options such as a trade sale or a new investor, he adds.
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Huang Huanmin, Shopback’s chief of staff and acting CFO, says the group is “definitely looking” at opportunities for its shareholders and employees to realise liquidity in their stock options or investments. While an IPO is something the company is considering, it is “fairly agnostic” as to liquidity options, including both public listing and trade sale.
Althea Lim, co-founder and group CEO of Gushcloud International, said there have always been “deep considerations” of going public as it provides the group with the ability to use the capital markets to grow and acquire other companies.
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