Southeast Asian online services firm Sea Ltd lines up US$1b New York IPO

SINGAPORE: Southeast Asia’s Sea Ltd, which provides e-commerce and digital payments services, is eyeing a US$1 billion (RM4.2 billion) offering of new shares in aggregate in a proposed initial public offering (IPO) on the New York Stock Exchange, according to a document it has filed with the US Securities and Exchange Commission.

Goldman Sachs (Asia), Morgan Stanley & Co International and Credit Suisse Securities (USA) are joint bookrunners for the proposed IPO of its American depositary shares, the Singapore-based company said in a statement on Saturday.

The number of shares on offer and the price range have not yet been determined, said Sea, formerly known as Garena, which was valued at US$3.75 billion after a March 2016 funding round.

The company, which also provides online gaming services, raised US$550 million in May for an undisclosed valuation. The company counts Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore as its key markets.

SeaTown Holdings, a subsidiary of Singapore state investor Temasek Holdings, and Malaysian state investor Khazanah Nasional Bhd are among its investors. – Reuters