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