Sea to float on New York Stock Exchange , hopes to raise $1bn despite problems in Taiwan

Singapore tech unicorn Sea will float on the New York Stock Exchange (NYSE) today, with the aim of raising over $1bn.

Sea is an online game and ecommerce business and has finished a funding round with $1bn prior to the listing.

The billion-dollar start-up had previously announced plans to issue an initial public offering (IPO) and has now priced its stock at $15 per share, whereas previously it had stated an amount between $12 and $14 would be charged.

If all available shares are sold, Sea will raise over $1bn.

See also:

Softbank to add to $100bn Vision Fund 

Unicorn Tujia raises $300mn 

Business Review Asia - October edition! 

Currently, Tencent owns 39.8% of Sea, and has stated it will potentially subscribe up to $100mn of shares in this IPO.

The last significant IPO on the NYSE of a south-east Asian company was that of Malaysian payments firm MOL in 2014, which was worth $300mn.

However, Sea has run into trouble in Taiwan, a market which accounts for about 33% of its current revenue. Indeed, in the first six months of 2017, 29.1% of Sea’s revenue was from Taiwan and in particular its Shopee online marketplace and gaming platform, Harena.

The tech unicorn is being investigated over allegations it has Chinese links which should have been disclosed to Taiwan.

Taiwanese law requires companies with over 30% Chinese ownership to be reviewed by the government if they wish to practise in Taiwan.


Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights


Why Deloitte Australia’s HR technology is winning awards

Human Capital