King & Wood Mallesons (KWM) is pleased to have acted for Carma Limited (ASX:CMA) on its $100 million initial public offering and ASX listing, comprising a $70 million primary offer and a $30 million selldown of existing holdings.
The transaction was among the first to utilise ASIC’s fast-track process, a reform pathway that KWM and others have been strong advocates of and helped shape.
Carma is a leading Australian online used car retailer backed by global investors Tiger Global, General Catalyst, Five V Capital, Terrace Tower Group (the Saunders family office), Entrée Capital, Avenir Growth and Regal Partners.
The IPO marks one of the few Australian technology listings in 2025, underscoring renewed investor confidence in the domestic technology sector and a positive signal for the Australian capital markets.
The KWM team was led by Partner Anthony Boogert, supported by Senior Associate Henry Sit and Solicitors Eliza Fairbairn, Bella Kidman and Harrison Zheng.
Commenting on the IPO and ASX listing, Anthony Boogert said:
“Congratulations to Carma on reaching this significant milestone. It’s encouraging to see an Australian technology company of Carma’s calibre and backed by leading offshore and domestic VC and growth equity funds choose to list locally, reaffirming the ASX as a viable destination for innovative, growth-stage businesses.”
“We’re also pleased that this transaction was among the first to use ASIC’s fast-track IPO process, an initiative we actively supported, which helps streamline listings and enhance efficiency for issuers and investors alike.”
This transaction builds on KWM’s market-leading equity capital markets capability and its continued involvement in landmark technology sector listings in Australia.
