‘S’pore startup Sea files for US$1b IPO’

New Straits Times - - Business -

SIN­GA­PORE: Sea Ltd, South­east Asia’s most valu­able startup, has filed con­fi­den­tially for a po­ten­tial United States ini­tial pub­lic of­fer­ing (IPO) that could raise about US$1 bil­lion (RM4.3 bil­lion), ac­cord­ing to peo­ple with knowl­edge of the mat­ter.

The Sin­ga­pore-based com­pany, for­merly known as Garena, filed with the US Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) in the past few weeks, ac­cord­ing to the peo­ple. Sea was con­sid­er­ing list­ing in early next year, though no fi­nal de­ci­sions had been made, said one of the peo­ple.

Sea was work­ing with Gold­man Sachs Group Inc and Mor­gan Stan­ley on the share sale, said the peo­ple. Un­der the Jump­start Our Busi­ness Star­tups Act, firms with less than US$1 bil­lion in an­nual rev­enue can file for an IPO with the SEC pri­vately and work out the de­tails out­side the pub­lic eye.

The com­pany, founded in 2009 by en­trepreneur For­rest Li, be­gan as an on­line gam­ing por­tal and has since branched out to add mo­bile shop­ping and pay­ment ser­vices. A US$1 bil­lion deal would be the largest tech­nol­ogy IPO out of South­east Asia, ac­cord­ing to Bloomberg data. Bloomberg

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