Nick Nash, Group President of Garena at Tech in Asia Tokyo Conference 2016.
Singapore unicorn Sea, formerly Garena, has announced that on Friday it filed for an IPO on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, and Credit Suisse are the bookrunners for the IPO. The number of shares and their price range have not yet been determined, says the announcement.
Sea, which made its mark initially with gaming, diversified into ecommerce and digital payments. Today it has three brands – Garena, Shopee, and AirPay – with a presence in seven markets across Southeast Asia: Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Taiwan, and Singapore.
It rebranded itself Sea from Garena on its eighth birthday on May 8 this year, after a funding round of US$550 million from Hillhouse, Cathay Financial, Farallon, GDP Ventures, and other investors. The funding was aimed at expanding Shopee in Indonesia, where it competes with Lazada and Tokopedia which are both backed by Chinese giant Alibaba. It also prepared Sea for the IPO, which could raise upwards of US$1 billion.
The company was valued at US$3.75 billion at its earlier funding round in March 2016. The valuation for the latest round was not disclosed.
Garena introduced the multiplayer online battle arena (MOBA) game League of Legends (LoL) to Southeast Asia. Today LoL is the most popular MOBA in the world, with 100 million unique visitors a month.
Sea’s diversification with Shopee and AirPay made it a broadbased player targeting the digital market across Southeast Asia, with a population of nearly 600 million people and US$3.0 trillion in GDP in 2016.
This post It’s official: Singapore unicorn Sea files for IPO in New York appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/singapore-unicorn-sea-aka-garena-files-ipo-new-york
via IFTTT
No comments:
Post a Comment