World

Razer planning to launch HK IPO of up to $750m

HONG KONG: Razer Inc, a gaming hardware maker backed by Intel Corp and Hong Kong billionaire Li Ka Shing, plans to launch on Monday a Hong Kong initial public offering at up to US$550 million (S$750 million), IFR reported yesterday, citing people close to the deal.

The company, which is based in Singapore and the United States, will offer shares in an indicative range of HK$2.93 (S$0.51) to HK$4 each, added the Thomson Reuters publication.

Razer has secured US$150 million in commitments from cornerstone investors, including a US$20 million investment from Singapore sovereign wealth fund GIC, IFR said. It declined to comment, while GIC did not immediately reply to a Reuters request for comment.

GAMING MOUSE

Razer was founded in 2005 by Singaporean Tan Min-Liang and Mr Robert Krakoff and has grown from producing a gaming mouse as its initial product to manufacturing laptops worth almost US$4,000.

Last year, it bought assets from a company previously known as THX Ltd, which was founded by American film-maker George Lucas. This year, it acquired certain assets and intellectual property from mobile phone manufacturer Nextbit Systems.

The acquisitions are expected to help the company launch new products in coming years, including a mobile gaming device, a person familiar with Razer's plans previously told Reuters.