Southeast Asian online services firm Sea applies for NYSE listing

File photo of traders working on the floor of the New York Stock Exchange (NYSE) in New York December 29, 2014. — Reuters picFile photo of traders working on the floor of the New York Stock Exchange (NYSE) in New York December 29, 2014. — Reuters pic, Sept 23 — Southeast Asia’s Sea Ltd, which provides e-commerce and digital payments services, is eyeing a $1 billion offering of new shares in aggregate in a proposed 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 Securities (USA) are joint bookrunners for the proposed initial public offering of its American depositary shares, the Singapore-based company said in a statement today.

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 (RM15.8 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, , Thailand, the Philippines, 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.

Southeast Asia is becoming a new battleground for e-commerce and financial technology companies that are hoping to grab a piece of the market of 600 million people where only a fraction of total retail sales are currently conducted online.

Consultancy Frost and Sullivan forecasts online product sales in Southeast Asia to grow to US$71 billion by 2021 from US$16 billion in 2016. — Reuters

Source: The Malay Mail Online





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