Southeast Asia's biggest startup said to file for US$1 bil IPO

SINGAPORE (May 24): Sea, Southeast Asia’s most valuable startup, has filed confidentially for a potential US initial public offering that could raise about US$1 billion ($1.4 billion), according to people with knowledge of the matter.

The company, formerly known as Garena, filed confidentially with the US Securities and Exchange Commission in the past few weeks, according to the people, who asked not to be identified because the information is private. Sea is considering listing in early 2018, though no final decisions have been made, one of the people said.

Sea is working with Goldman Sachs Group Inc. and Morgan Stanley on the share sale, the people said. Under the Jumpstart Our Business Startups Act, companies with less than $1 billion in annual revenue can file for an IPO with the SEC privately and work out the details outside the public eye.

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