Garena

A new billionaire emerges from Singapore gaming powerhouse Sea

(March 1): Free Fire is a world unto itself. More than 40 million players log on each day to find weapons and battle it out till one character’s left standing.

It’s Sea’s marquee hit, a virtual landscape housing more people than the American population and the prime reason Chinese-born founder Forrest Li is climbing the real world’s wealth rankings.

The 41-year-old entrepreneur owns 13.8% of Singapore-based Sea, a stake now worth roughly US$1 billion ($1.35 billion), according to the Bloomberg Billionaires Index.

Sea loss widens on investment in Shopee e-commerce platform

(Aug 22): Sea Ltd., operator of Southeast Asia’s biggest gaming platform, posted a wider quarterly loss as it invests in building up e-commerce platform Shopee.

The net loss was US$250.8 million ($342.8 million) in the three months ended June compared with a loss of US$92.1 million a year earlier, Singapore-based Sea said in an emailed statement. Total revenue at the company rose to US$183.8 million from US$101.5 million.

Sea mulls raising funds for e-commerce as quarterly loss triples

(May 16): Sea, operator of Southeast Asia’s biggest gaming platform, said it may raise funds to strengthen its balance sheet after its quarterly loss tripled on rising investments at mobile-shopping unit Shopee.

The Singapore-based gaming and e-commerce company said its net loss during the three months ended in March was US$215.6 million, compared with US$73.1 million a year earlier. Total revenue rose 65% to US$155 million.

Shorts sellers square off with analysts over still in the red Sea

(Feb 27): Sea, operator of Southeast Asia’s biggest gaming platform, has had a rough start as a public company.

Sea's 3Q losses widen to US$133 mil on higher costs and expenses

SINGAPORE (Nov 22): Sea, the Singapore-based online entertainment and gaming firm formerly known as Garena, announced 3Q17 ended Selosses doubled to US$132.7 million ($179.8 million) from a loss of US$65.6 million in 3Q16.

Group revenue saw a 4% increase to US$94.1 million from US$90.5 million a year ago.

The digital entertainment segment saw revenue drop by 7.4% to US$79.8 million from US$86.2 million last year.

Revenue from others segment more than tripled to US$14.3 million.

Sea investors look to first earnings since NYSE IPO for growth

(Nov 21): Sea pitched itself as an emerging growth company in last month’s initial public offering, and investors are about to get their first chance to see if it lives up to the billing.

The Singapore-based company will release its first financial report Wednesday, with sales expected to reach US$94.5 million ($128.2 million) in the three months ended September, according to the average of analysts’ estimates, as the company builds on its core games business.

That’s a 4.4% increase from a year earlier, according to data compiled by Bloomberg.

Singapore venture capital surges as startups seek room to grow

SINGAPORE (Oct 23): Singapore is experiencing a surge in venture capital fundraising, reflecting growing interest in Southeast Asia’s startups.

This month, Vertex Ventures and two other venture-capital firms completed fundraising efforts in the city, each with their largest fund yet. In September, East Ventures, which made early bets on successful startups like Tokopedia and Traveloka, raised US$30 million ($40.9 million) that will go toward seed capital and early-stage financing.

Sea selling shares at US$15 each in NYSE IPO

(Oct 20): Singapore’s Sea plans has priced its initial public offering of nearly 59 million American depositary shares at US$15 each to raise US$884 million ($1.2 billion), according to a press statement by the company on Friday evening.

See: Sea, former Garena, files for NYSE IPO

In addition, Sea has granted the underwriters a 30-day option to purchase up to an additional 8.8 million ADSs to cover over-allotment.

Sea isn't all that similar to Tencent after all

(Oct 12): Singapore’s Sea initially modelled itself on Chinese internet colossus Tencent Holdings. and is often called the Tencent of Southeast Asia. Now that Sea has filed for an initial public offering and given a peak at its financials, the resemblance is starting to break down.

The company, seeking to raise about US$700 million ($954.5 million) as it goes public in New York, does offer games and digital entertainment like Tencent. In fact, the Chinese company licenses hit games like League of Legends to Sea, and owns about 40% of the smaller firm’s stock.

Life could get choppy for Sea after US$1 bil IPO

HONG KONG (Sept 25): Listed life can be rough. Sea, a Southeast Asian startup formerly known as Garena, has filed for a US initial public offering of up to US$1 billion ($1.35 billion). But larger deep-pocketed rivals are ramping up competition. An IPO at this stage could make the fight to come harder.

See: Sea, former Garena, files for NYSE IPO

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