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Gaming firm Razer to launch up to $550 million HK IPO on Monday: IFR

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10/27/2017 | 06:51am CET

Razer Inc, a gaming hardware maker backed by Intel Corp and Hong Kong billionaire Li Ka-shing, plans to launch on Monday an up to $550 million Hong Kong initial public offering, IFR reported on Friday, 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 to HK$4.00 each, added IFR, a Thomson Reuters publication.

Razer has secured $150 million in commitments from cornerstone investors, including a $20 million investment from Singapore sovereign wealth fund GIC Pte Ltd [GIC.UL], IFR said.

Razer declined to comment, while GIC did not immediately reply to a Reuters request for comment.

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

In 2016 it bought assets from a company previously known as THX Ltd, which was founded by George Lucas, and 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.

(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Stephen Coates)

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