If the company exercises its greenshoe option, it could see that number rise above US$1 billion

In possibly the most important IPO for the Southeast Asia startup scene ever, Sea Group has reportedly raised US$894 million dollars after pricing the shares above expectations, according to IFR Asia.

IFR Asia, which is owned by Reuters, reports that the shares sold for US$15 a pop — US$1 above the previous target of US$14 reported by e27.

This means the company exceeded their expectations while completely avoiding the floor price of US$12.

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The company will publicly list its stock on the New York Stock Exchange when markets open today in the US, according to the Financial Times.

While the US$890 million is the number from the public sale of its 49,690,000 shares, FT reports that Sea is planning to exercise a greenshoe option which could take the total number above US$1 billion.

Sea is not allowed to comment as it is in a quiet period and thus legally restricted about public comments regarding the IPO.

Furthmore, according to the FT report, investor Tencent may be acting as a whale for the IPO. The company, which already owns just under 40 per cent of the company, is interested in purchasing US$100 million worth of shares.

There appears to be strong enthusiasm for Sea ahead of the IPO. IFR reported the company had to increase their share offerings by 20 per cent and the greenshoe option involves the sale of an additional 7.45 million shares (worth about US$112 million).

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e27 will update how the IPO goes accordingly.

Sea Group was formerly known as Garena before a massive rebranding scheme last spring.

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