Sea targets $1bn fund raising in New York IPO

South East Asian technology name Sea Limited will look to raise over $1bn from its initial public offering (IPO) on the New York Stock Exchange today.

Chinese technology investment holding company Tencent is expected to scoop as much as 10% of the available shares.

Tencent grab

Sea Limited, which was launched as an online gaming company in 2009, has since expanded its services into mobile payments and online shopping.

The company hopes to sell 49.7 million American depositary shares in its IPO at a price of $15 per share.

Tencent, which already owns just under 40% of the company is expected to seize the chance to substantially raise its stake.

Expansion

Sea, which was formerly known as Garena, reported a loss of $225m in 2016.

It plans to use the proceeds of today´s IPO to expand its business.