Sea Ltd. shares fell for the third day in a row and dropped below their initial public offering price, a rocky start as a public company for the Singapore games startup.Sea’s stock slipped 9.9 percent in New York trading Wednesday to close at 13.73 dollars.
Singapore is experiencing a surge in venture capital fundraising, reflecting growing interest in Southeast Asia’s startups.This month, Vertex Ventures and two other venture-capital firms completed fundraising efforts in the city, each with their largest fund yet.
Singapore’s Sea plans to price shares at 15 dollars in its initial public offering and raise more than 850 million dollars, according to people familiar with the matter.The total amount may be more than one billion dollars if an option to sell additional shares is exercised, said one of the people, asking not to be identified because the matter is private.
