Shopee parent company Sea lists on New York Stock Exchange
By Digital News Asia October 24, 2017
- Company works to empower local entrepreneurs and serve local consumers
- Has 1.6 million active seller partners and 1,700 brands and larger retailers
SHOPEE’S parent company, Sea Limited, announced the pricing of its initial public offering and listing of its American depositary shares on the New York Stock Exchange.
Sea's holdings include online gaming service Garena, virtual payment app AirPay, and e-commerce marketplace Shopee.
As the first internet business of scale from Greater Southeast Asia to be listed on the New York Stock Exchange, this is a significant milestone for Sea and its businesses, including Shopee.
Sea listed on Oct 20 and closed its first day of trading up around 8% on its list price of US$15 (RM63.34).
The company raised US$884 million (RM354.7 million) from its listing, but it could surpass US$1 billion if all allotted shares are purchased by underwriters. (US$1 = RM4.22)
The share — listed as ‘SE’ — ended the day firm despite initial uncertainties. Trading opened at US$16.25, before the price dropped below the US$15 mark over the next couple of hours. It rallied in the afternoon and to close on US$16.20, up 8.4%.
The Tencent-backed company had boosted the original offer size of 49.69 million shares by 18.7% in response to strong demand.
Goldman Sachs and Morgan Stanley are underwriting the IPO.
Shopee CEO Chris Feng (pic) said: “The listing day is a big day for the Sea group, including Shopee as well as Garena and AirPay. As we embark on this new journey, we are excited about the opportunities it will present for our business, employees and most importantly our customers.
“Our home market is an exciting region, with one of the largest millennial populations in the world, and GDP growing over twice as fast as in the US. Internet and smartphone penetration is still low comparing to the US and China, and we are confident in its continued growth and the tremendous potential this presents across our seven markets, namely Indonesia, Vietnam, Thailand, the Philippines, Taiwan, Malaysia and Singapore.”
Since Shopee’s inception in 2015, the company has worked to empower local entrepreneurs and serve local consumers.
For example, Shopee Singapore recently launched Shopee Mall, a premium online shopping portal that provides users with an even wider range of product assortment from leading brands.
Shopee’s seller-driven initiatives, such as Shopee University, serve to help local entrepreneurs and businesses succeed in an increasingly competitive online shopping environment.
The combination of Shopee’s home-court advantage, an understanding of its markets, and on-the-ground local presence has enabled it to identify and cater to their needs – and this is reflected in the success the company has had in attracting 1.6 million active seller partners, plus another 1,700 brands and larger retailers to its platform.
“Looking ahead, while we are proud of what we have accomplished so far, we know we have a lot of work to do to continue to realise Shopee’s potential. We remain as committed as ever to fulfilling Sea’s mission to improve the lives of the region’s consumers and small businesses with technology,” said Feng.
Shopee is an e-commerce platform in Southeast Asia and Taiwan. It is a platform tailored for the region, providing customers with an easy, secure and fast online shopping experience through strong payment and logistical support.
Shopee was first launched in Singapore in 2015, and has since expanded its reach to Malaysia, Thailand, Taiwan, Indonesia, Vietnam and the Philippines.