Southeast Asia-based games and e-commerce firm Sea, formerly known as Garena, has officially filed for its much-anticipated U.S. IPO. The company, which is valued at over $3.75 billion, will list on the New York Stock Exchange as ‘SE’ and is looking to raise $1 billion.
Sea is best known for its Garena gaming business, which predominantly focuses on PC games but also includes mobile, but in recent years it has branched out into e-commerce with its Shopee service and payments with its AirPay business.
The Garena games portal is like Steam for PCs. It counts 40.1 million monthly users as of June 2017, with 12.9 million daily users spending an average of 2.3 hours per day on the service. Garena is Sea’s only revenue-generator since the company is still subsidizing Shopee and AirPlay is available in just three markets.
Revenue-wise, Sea has grown its revenue from $160.8 million in 2014 to $345.7 million in 2016, but losses during the period widened from $90.9 million to…