- Sector(s): Communication Services
- Industry: Electronic Gaming & Multimedia
- Full Time Employees: 29,800
- founded in 2009 and is headquartered in Singapore.
- http://www.seagroup.com
Chief Executive Officer Forrest Li expands beyond games into e-commerce and payments. The company’s underwriters also pushed hard to raise $884 million, increasing the number of shares sold and lifting the price from an initial range of $12 to $14.
Sea was founded by Li as an online gaming company in 2009 and originally named Garena. He rebranded the company to reflect its regional ambition and diversification. Sea branched out with a digital payments service called AirPay in 2014 and the mobile shopping business Shopee in 2015.
Sea’s games business, which retained the Garena name, still accounts for more than 90 percent of total revenue. Like Tencent, the company offers games for free, then collects money when players buy virtual items like armor, weapons or special skills. It makes money in e-commerce from commissions and advertising, while collecting fees from payments.
Sea has been viewed as something of a test case for startups from Southeast Asia, including ride-hailing provider Grab, e-commerce site Tokopedia and travel provider Traveloka. Goldman Sachs Group Inc., Morgan Stanley and Credit Suisse Group AG led the public offering.
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