Sea group president Nick Nash (L). Photo credit: Tech in Asia.
The news (extracted from The Financial Times):
- Singaporean internet company Sea could raise more than US$1 billion via its IPO on the New York Stock Exchange later today, The Financial Times reports.
- Sea has priced its stock – which will trade under the ticker “SE” – at US$15 per share, above the range of US$12 to US$14 it had indicated in an earlier regulatory filing.
- Chinese tech giant Tencent, which currently owns a 39.8 percent equity interest in Sea, told the Times it may participate in the IPO by subscribing up to US$100 million of shares.
Why it matters:
- The total offering size is about US$884 million. However, underwriters may choose to exercise a “greenshoe option,” allowing them to sell more shares than initially planned. This typically occurs when demand for the stock is higher than expected. If this option is fully exercised, Sea could raise over US$1 billion.
- The last significant US IPO of a Southeast Asian company was that of Malaysian payments firm MOL, which raised US$169 million when it floated on New York’s NASDAQ market in October 2014. MOL’s shares were delisted from the NASDAQ in April last year after they fell below the minimum bid price.
This post Brief: Sea could raise over $1b when its stock floats on the NYSE today appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/sea-nyse-ipo-float
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