After increasing capital from Asia's most significant shareholders, such as Hong Kong tycoon Li Ka-shing along with Singapore's Temasek Holdings, Razer is turning into the marketplace to the initial public offering which is likely to make its own co-founder Tan Min-Liang a billionaire. Tan, a Singapore entrepreneur who is also Razer's principal executive officer, also owns approximately 42 percent of this San Francisco-based manufacturer of video gambling accessories like mice and cans, together with his loved ones.
Razer is supplying over a tenth of their enterprise to increase at least US$400 million at a Hong Kong IPO, providing Tan a net value of greater than US$1.2 billion, according to the Bloomberg Billionaires Index.
Razer's plan to list stocks comes amid robust increase in the global gaming market, that is expected to reach US$160 billion by 2021, a 52 per cent jump from last year, according data from Euromonitor. Tan said in a meeting earlier this year Razer has marketed US$1 billion of goods before few decades and now has 35 million consumers for a software platform which launches games and joins players.
The gambling business is a marketplace that's growing and it has even more expansion possible, influenced by external factors such as an increase in household income and time spent for leisure, stated Kyung-il Lee, an analyst in Seoul-based Heungkuk Securities. Businesses making gaming hardware can also profit from this growth. Razer was co-founded in 2005 from Singapore-born Tan as a maker of computer mice which catered to hardcore players around the globe. Now, its variety of gambling accessories from laptops to audio devices, which all bear its distinctive green tri-headed snake emblem, are respected among a market gaming-consumer base.
While gambling has had many happy times for me personally, gaming has gotten me through some of my saddest times, Tan, 39, said in a Facebook post. An external spokeswoman for the company stated Tan failed to comment on his own net worth. Tan made the news in August when he tweeted a pitch to Singapore Prime Minister Lee Hsien Loong, offering to set up an electronic-payment system for the country in 18 months. After sending his suggestion two weeks later, he obtained more than 200 applicants.
Singapore's autonomous wealth finance GIC Pte, Chinese property developer Kingkey Group, and also an investment fund controlled by Indonesian clove-cigarette billionaire Budi Hartono are one of firms that have committed to purchasing a total of about US$153 million of Razer's offering as cornerstone investors. The business's other shareholders also include Intel Capital and Lee Hsien Yang, the younger brother of Singapore's prime minister.