Southeast Asians are expected to spend an average of $392 online in 2025, more than triple what they spent in 2018, according to a Facebook and Bain & Company report. Sea is at the helm of the boom. Garena, its profitable games unit, had 60 million quarterly active users when it went public: it now has over 400 million, thanks to the global success of shoot ‘em up Free Fire.
If listed in Singapore, Sea would be the FTSE Straits Times Index’s biggest company, surpassing lender DBS and conglomerate Jardine Matheson. The tech outfit’s valuation isn’t too frothy, though.
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