Parent of Garena files for US$1bil IPO in US

Company founder: Sea was founded by Li as an online gaming company in 2009. — Bloomberg

NEW YORK: Sea Ltd, South-East Asia’s most valuable startup that’s known for its Garena gaming platform, filed for a US initial public offering.

The Singapore-based company, formerly called Garena, listed an offering size of US$1bil (RM4.2bil) in a filing on Friday with the US Securities and Exchange Commission. Sea intends to use the proceeds from its sale of American depositary shares to fund business growth initiatives including user acquisition and content procurement.