Carma Used Cars raises $100 million ahead of its ASX IPO

Carma Used Cars has priced its IPO at the higher end of its range, raising $100 million at an enterprise valuation near $369 million. The funds include a $70 million fresh issue, with the rest via existing shares. Despite EBITDA losses, Carma aims to scale as Australia’s online used car marketplace, offering inspections and warranties to buyers. Its ASX listing is targeted for November 5, catching attention in a quiet IPO environment.