Report: Singapore’s Garena to pick Goldman for US$1bil IPO

Forrest Li, founder and group chief executive officer of Garena Interactive Holding Ltd., speaks during an interview at the companys headquarters in Singapore, on Thursday, Aug. 25, 2016. Garena, a gaming and e-commerce empire that is now Southeast Asias largest startup, is a Singapore-based company thats valued at more than 3.75 billion. Photographer: Nicky Loh/Bloomberg

SINGAPORE: Garena, South-East Asia’s most valuable startup, picked Goldman Sachs Group Inc. to lead a planned initial public offering that could fetch about US$1bil, according to people with knowledge of the matter.

The Singapore-based online gaming portal and e-commerce provider plans to select additional banks as soon as this month, the people said.