Carma Ltd (Ticker: CMA AU) is an Australian online used car retailer focused on reconditioning and selling vehicles nationwide. Carma plans to list on the Australian Securities Exchange on November 5, 2025, offering 37.00 million shares at AUD 2.70 per share, targeting gross proceeds of about AUD 100 million (USD 65 million). The deal comprises 70% primary shares (25.90 million) and 30% secondary shares (11.10 million). Joint managers are Canaccord Genuity Australia Ltd and E&P Capital Pty Ltd. According to coverage provided, bids are being taken at AUD 2.70 a share, with the float including a AUD 70 million new issue alongside a AUD 30 million selldown by existing holders. Carma operates a reconditioning facility in Sydney and has indicated plans to expand nationally.