Tencent ‘mini-me’ debuts in US as battle for Southeast Asian e-commerce dominance intensifies
Southeast Asia’s largest tech start-up Sea’s NYSE debut adds to a busy year of US IPOs for Asian firms
Sea Ltd, Southeast Asia’s most valuable tech start-up, is set to debut on the New York Stock Exchange today. The latest in a growing number of Asian firms choosing to list in the US to tap a broader investor base and potentially better valuations, Sea will be a test case for other regional tech firms who have yet to go public.
The Singapore-based firm, backed by Chinese media and mobile giant Tencent Holdings, is seeking to raise US$884 million in its initial public offer, pricing each share at US$15.
“Most of the other [Southeast Asian] businesses are not in the market yet,” said Keith Pogson, senior partner financial services Asia-Pacific at Ernst & Young, pointing to online retailer Lazada and ride-hailing service Grab. “There isn’t really an alternative [Southeast Asian] new tech, new economy play of the same nature.”
“If you go to the US market, the story is an easy one: ‘We’re the SEA equivalent of Tencent, doesn’t that sound interesting and exciting? I for one think it is,” Pogson said.
Sea’s listing comes on the back of a busy year for Asian listings in the US.
