Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
According to reports, online car retailer Cazoo is planning a move to go public with a valuation of over £5 billion.
Sky News reported on Friday that the company launched by technology entrepreneur, Alex Chesterman, is working with Credit Suisse, Goldman Sachs and Numis on the different avenues to speed up its growth prospects.
Chesterman has also founded successful startups such as Lovefilm, which was sold to Amazon for £200 million and property website Zoopla, which floated on the London Stock Exchange for nearly £1 billion.
According to Sky’s sources, the options involve a potential London listing or a New York-listed SPAC merger.
However, a move to go public would not take place until a lot later in the year.
The company has raised approximately £450 million in two years after its most recent funding saw it generate £240 million with backers including General Catalyst, D1 Capital, and funds managed by Fidelity Management & Research Company and Blackrock.
Despite the London Stock Exchange pushing hard for Cazoo to list there, Sky’s sources have said that Cazoo’s founders have been speaking to potential investors regarding a SPAC deal in the US.
If it were to happen, it would be the latest in a long line of SPAC deals in the US which have raised billions of dollars in 2021.
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