Singapore-based gaming and e-commerce startup Sea Ltd., formerly known as Garena, Friday filed for an initial public offering of shares on the New York Stock Exchange.
Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. International plc and Credit Suisse Securities (USA) L.L.C. are acting as joint book runners for the IPO. Although the number of shares to be issued and their price range has not yet been set, according to reports the IPO could raise $1 billion.
Founded in 2009, Sea initially started as an online gaming company before later diversifying into e-commerce and digital payment services. The company operates a range of sites, including its gaming platform Garena, online shopping portal Shopee and digital payments service AirPay across Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Taiwan and Singapore.
The company is growing rapidly but that growth has also produced continuing losses. Revenue rose from $160.8 million in 2014 to…