Southeast Asia’s Biggest Start-Up Sea Reportedly Files for $1 Billion IPO
Singapore-based startup and biggest one in Southeast Asia region, Sea Ltd, has reportedly filed for a potential initial public offering in United States stock market which could raise around US$ 1 billion.
Sea Ltd, previously known as Garena, confidentially filed with the United States Securities and Exchange Commission and is planning to list the company in early 2018, according to a report from Bloomberg on May 24.
Goldman Sachs and Morgan Stanley are serving as underwriters for the company which was founded in 2009 by entrepreneur Forrest Li. However, they refused to comment on the matter.
Sea started its business as an online gaming portal and has since expanded its business to mobile shopping and payment services.
Earlier this month, the start-up raised a US$ 550 million in funding to strengthen its presence in Indonesia market and win a battle against rivals, including Chinese e-commerce giant Alibaba Group Holding.
This month’s funding round brought in some Southeast Asia’s wealthiest families as new investors, including GDP Venture, backed by a son of Indonesian tycoon Budi Hartono, and JG Summit Holdings Inc, backed by Philippine billionaire John Gokongwei.