Sea, former Garena, files for NYSE IPO

Sea, former Garena, files for NYSE IPO

PC Lee
25/09/17, 08:14 am

SINGAPORE (Sept 23): Sea, the internet company formerly known as Garena, is readying itself for an initial public offering (IPO) in the US.

On Saturday, the company announced it has filed a registration statement with the US Securities and Exchange Commission for a proposed IPO of its American Depositary Shares representing Class A Ordinary Shares.

Although the number of shares to be offered and the price range for the offering have yet to been determined, Sea was valued at US$3.75 billion after a March 2016 funding round.

See: Garena picks Goldman for US$1 billion IPO

 The Company has applied to list its American Depositary Shares on the New York Stock Exchange under the ticker symbol “SE".

Goldman Sachs, Morgan Stanley and Credit Suisse are acting as joint bookrunners.

The offering will be made only by means of a prospectus.

Sea, which started as a gaming company, diversified into ecommerce and digital payments.

See: Game publisher Garena secures its base in Southeast Asia; gets ready to 'level up'

It now has three brands consisting Garena, Shopee and AirPay.

Founded by Chinese-born entrepreneur Forrest Li in Singapore in 2009, the company underwent a rebranding in May after a funding round of US$550 million from Hillhouse, Cathay Financial, Farallon, GDP Ventures, JG Summit and other investors.

The company’s new name is also an acronym for Southeast Asia and has a presence in Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Taiwan and Singapore.

See: Garena rebrands as Sea after raising US$550 mil in new funding

5G network goes beyond the smartphone, says StarHub CTO

SINGAPORE (May 27): The wireless fifth generation (5G) network has more to offer than just cellular communication for smartphones, and many telecommunication players are exploring what else it can enable, according to StarHub chief technology officer Chong Siew Loong. “When 3GPP (the Third Generation Partnership Project) started working on defining the 5G network, one thing they were very clear about was that 5G cannot be serving smartphone devices only,” he tells The Edge in an interview at the Invest Asia 2019 conference in Singapore, which was organised by Maybank. “Today, if yo....

Tesla woes make it a 'restructuring story'

SINGAPORE (May 27): A Wall Street analyst who had a price target as high as US$379 on Tesla a little more than a year ago held a private call with investors on May 23 to elaborate on why he thinks the stock may now be headed for as low as US$10. “Tesla was seen as a growth story,” Morgan Stanley analyst Adam Jonas said on the call, a recording of which was obtained by Bloomberg News. “Today, supply exceeds demand, they are burning cash, nobody cares about the Model Y, they raise capital and there’s no strategic buy-in. Today, Tesla is not really seen as a growth story. It’s seen m....

Investigators say US$248 mil in illicit 1MDB funds flowed through Singapore banks

SINGAPORE (May 27): Two hundred and twelve Hermès handbags valued at an estimated RM47 million (RM15.5 million) were among the 306 handbags found at a luxury condominium last year. They are now part of a multimillion-ringgit forfeiture suit filed by the Malaysian government against 18 individuals and organisations. Besides the handbags, 401 watches valued at RM74 million, 11,990 pieces of jewellery worth hundreds of millions and RM114 million cash in various currencies were discovered at apartment B-45-02, Tower 2 of Pavilion Residences in Kuala Lumpur. Police had seized all these asset....