SE ASIA’S ONLINE SERVICES FIRM LINES UP US$1BIL IPO ON NEW YORK BOURSE

SINGAPORE  – 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 U.S. Securities and Exchange Commission.

Goldman Sachs (Asia), Morgan Stanley & Co International and Credit Suisse Securities (USA) are joint bookrunners for the proposed initial public offering 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 $3.75 billion after a March 2016 funding round.

The company, which also provides online gaming services, raised $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 [TEM.UL], and Malaysian state investor Khazanah Nasional Bhd [KHAZA.UL] 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 $71 billion by 2021 from $16 billion in 2016.

– Reuters

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