Sea revised down its aggregate offering from US$1 billion when it first filed the IPO paperwork

Sea, the Singapore-based internet company heading towards an IPO, is hoping to raise US$800 million and is putting forth a proposed share price range of US$12-$14, according to updated SEC filings.

The company is offering 49,690,000 to sell to the public. If Sea sells its shares at US$14 it will raise a bit under US$700 million. At US$12 a share, the IPO would fetch slightly under US$600,00,000.

Sea officially registered 57,143,500 shares to the SEC and the company’s underwriters are given the option of buying the 7,453,500 shares not issued to the public. That option brings the aggregate offering price to just over US$800 million.

The US$800 million number a US$200 million revision from the first proposal when Sea officially filed its IPO paperwork. At that point, no share price had been set but Sea was proposing a US$1 billion aggregate share sale.

The company is listing on the New York Stock Exchange as an “emerging growth company”.

Also Read: 5 intriguing insights into Sea ahead of its IPO

Sea, formerly known as Garena, is the market leader in the online gaming space in Southeast Asia. Its first high-profile win was bringing League of Legends into the region.

Since then, it has expanded into e-commerce (Shopee) and Payments (Airpay). Its gaming arm is still known as Garena Digital Entertainment.

After the initial IPO filing, e27 broke down 5 intriguing insights into the company. The detailed analysis can be found here, but here is a quick list of the takeaways:

  • Sea is pitching its Southeast Asian roots as an advantage over regional/global competition
  • Macro numbers for Shopee are intriguing (10 million monthly active users and 1.6 million engaged sellers).
  • Sea has become a regional leader in eSports
  • The company mentions ‘a history of net losses’ as a potential risk factor

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