Why would a Singapore e-commerce company do its IPO in New York?
The Lion City-based gaming company Sea Ltd could debut a US$1 billion public offering in the US as early as 2018, paving the way for others in the sector
Sea Ltd, Southeast Asia’s most valuable start-up, is prepping for a US$1 billion initial public offering in the United States, a move that would be a major pivot for Southeast Asia’s rapidly expanding tech industry.
The online gaming and e-commerce company, formerly known as Garena, has filed for a listing with the US Securities and Exchange Commission, according to a recent report by Bloomberg. The Singapore-based company has appointed Goldman Sachs to be its lead adviser and it could list as early as 2018. A representative with Sea declined to comment on the rumoured IPO.
Sea is one of the region’s few unicorns, a tech business valued over US$1 billion. It recently secured US$550 million in a new funding round from some of Asia’s biggest conglomerates.
These included GDP Venture, a venture capital firm in Jakarta founded by Martin Hartono, son of Indonesia’s richest tycoon R Budi Hartono.
Other investors include Philippine billionaire John Gokongwei’s JG Summit Holdings, Hillhouse Capital, and President International Development Corporation, the investment arm of Uni-President Enterprises Corporation, one of Taiwan’s largest retailers.