Sea, the gaming and e-commerce company holding the first major U.S. IPO from a Southeast Asian tech firm, had a bumpy start to life on the NYSE after closing the day up around eight percent on its list price of $15.
The company raised $884 million from its listing, but it could surpass $1 billion if all allotted shares are purchased by underwriters.
The share — listed as ‘SE’ — ended the day solid despite some initial uncertainties. Trading opened at $16.25, a small pop, before the price dropped below the $15 mark over the next couple of hours. It rallied in the afternoon and to close on $16.20, up 8.4 percent.
The firm, formerly known as Garena, is Southeast Asia’s highest valued tech company behind only $6-billion-valued Uber rival Grab. It is unprofitable but it hopes to turn losses into profit as Southeast Asia’s internet access continues to grow and the region’s 600 million consumers become more savvy about spending online.