CFA Society Singapore
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.
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.
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.