Temasek-Backed Reebonz, Razer Said to Weigh U.S. Initial OffersJoyce Koh and Leslie Picker
Two technology companies backed by units of Singapore’s state investment company Temasek Holdings Pte are considering U.S. initial public offerings, people with knowledge of the matter said.
Reebonz Pte, an online retailer of discounted luxury goods, is receiving proposals from investment banks about a proposed listing on the Nasdaq Stock Market in the first half of next year, two people said. Razer Inc., which makes computer hardware for video-game enthusiasts, is working with Credit Suisse Group AG on an IPO that could raise about $150 million, two other people said, asking not to be named as the process is private.
The companies join Alibaba Group Holding Ltd. and Line Corp. in seeking to sell shares in the U.S., where Asian Internet and technology companies have raised more than $3.3 billion in IPOs this year, data compiled by Bloomberg show. Temasek has been investing in startups as Singapore’s government seeks to make the city-state a hub for companies in fast-growing industries including cybersecurity and online retail.
Singapore-based Reebonz sells bags, shoes and jewelry by brands including Givenchy, Chanel and Christian Louboutin using a flash sales model, which offers limited-time deals at steep discounts. Its investors include Temasek unit Vertex Venture Holdings Ltd., GGV Capital, Intel Capital Corp. and the Singapore government’s Infocomm Investments Pte, according to the firms’ websites.
Reebonz is seeking investors ahead of an IPO, said one person familiar with the matter.
Shares of Zulily Inc., which runs a shopping website targeted at moms, have risen 63 percent since the company’s $291 million IPO in November, data compiled by Bloomberg show. Gilt Groupe Inc., the New York-based e-commerce company, picked Goldman Sachs Group Inc. to manage an IPO, people with knowledge of the deal said in February.
Razer, based in Carlsbad, California, makes keyboards, computer mice, headsets and laptops. The company, led by Singaporean Min-Liang Tan, employs about 400 people and is backed by IDG-Accel and Temasek unit Heliconia Capital Management Pte, its website shows.
Reebonz Co-Founder Samuel Lim declined to comment. A spokesman for Temasek referred queries to Vertex and Heliconia, as the two units operate separate mandates and Temasek is not involved in their investment decisions. A representative for Heliconia referred queries to Razer, which declined to comment, while an official at Vertex didn’t immediately respond to an e-mail seeking comment.
Alibaba, China’s largest e-commerce company, is planning an initial public offering in September that could raise about $20 billion, people familiar with the matter have said. It follows Beijing-based online retailer JD.com Inc., which has jumped 53 percent since its $2 billion IPO in May.
Line, operator of Japan’s most popular mobile messaging service, filed confidentially for an initial offering in the U.S., people familiar with the matter said earlier this month. The company is preparing for a dual listing in Tokyo and New York that could value it at more than 1 trillion yen ($9.7 billion), according to the people.