Life could get choppy for S-E Asian startup after IPO
Hong Kong
LISTED life can be rough. Sea, a South-east Asian startup formerly known as Garena, has filed for a US initial public offering (IPO) of US$1 billion. But larger deep-pocketed rivals are ramping up competition. An IPO at this stage could make the fight to come harder.
Backed by Chinese Internet giant Tencent, Sea is one of the region's biggest homegrown startups. It was valued at US$3.8 billion in a 2016 fundraising. Similar to Tencent, it has built a wider Internet platform, which spans retail, payments and messaging, around a profitable gaming business.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses