Gaming hardware maker Razer planning IPO
As it eyes China for growth potential, Singapore gaming hardware maker Razer is planning to list in Hong Kong.
Working out of California as well as Singapore, Razer has made a preliminary filing with the Hong Kong Stock Exchange (HKSE) with Credit Suisse and UBS are joint sponsors.
Founded in 2005 with former lawyer Min-Liang Tan as chief executive, the company is expecting to raise US$400 million from its IPO.
Last month, Razer opened its first Hong Kong flagship retail store in Causeway Bay in partnership with mobile phone company 3.
Razer last year posted a loss of $59.7 million, up from $20.4 million in 2015, according to details in a draft prospectus filed with the HKSE. However, its revenues were $392 million last year, up from $320 million.
Meanwhile, the company plans to introduce new product lines and services to help diversify its revenue base. It says it plans to support the cloud-based Robin smartphone and has spent $52.2 million on R&D units in Chengdu, San Francisco, Shenzhen, Singapore and Taiwan.
Over the past few quarters Razer has had several investment rounds, as well as acquisitions.