Brief: Razer to IPO in Hong Kong on Monday

The image from Razer’s website teasing a big announcement for November 1. Photo credit: Razer.

The news (via Reuters):

• Gaming hardware firm Razer plans to launch its IPO on the Hong Kong Stock Exchange next Monday, Reuters’ IFR reports.
• The US-Singaporean company will offer shares in an indicative range of US$0.38 to US$0.51 each, and the listing could raise up to US$550 million.
• Cornerstone investors have already committed US$150 million, including US$20 million from Singaporean sovereign wealth fund GIC.

Why it matters:

• Although Razer is headquartered in the US, it’s Singapore ties means its IPO will be closely watched by Southeast Asia’s tech startup ecosystem. Its listing follows just over a week after Singaporean unicorn Sea’s US$884 million IPO.
• Razer has increasingly sought growth through M&A activity, with recent acquisitions including Lucasfilm spinout THX and mobile phone maker Nextbit. The company has apparently teased the launch of a mobile device in advance of an announcement on November 1.
• Last month Razer published its proposal for a unified cashless payments system in Singapore, in response to an open request from the country’s prime minister. The plan attracted a mixed response, with some doubting its feasibility but others welcoming the gaming firm’s challenge to incumbent payments companies.

Converted from Hong Kong dollar. Rate: US$1 = HK$7.80.

This post Brief: Razer to IPO in Hong Kong on Monday appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/razer-ipo-hk-monday
via IFTTT