Rocky waters ahead for Sea as share price drops 3 days in a row after IPO

(Oct 26): Sea shares fell for the third day in a row and dropped below their initial public offering price, a rocky start as a public company for the Singapore games startup.

Sea’s stock slipped 9.9% in New York trading Wednesday to close at US$13.73 ($18.69). The company sold shares to investors at US$15 and they rose 8.4% in its first day of trading last week.

Investors may be skittish about Sea’s outlook given heavy losses as Chief Executive Officer Forrest Li expands beyond games into e-commerce and payments. The company’s underwriters also pushed hard to raise US$884 million, increasing the number of shares sold and lifting the price from an initial range of US$12 to US$14.

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